November 13, 2017 / 8:48 AM / 6 months ago

Kenya government takes control of Kenya Airways in debt swap agreement

NAIROBI, Nov 13 (Reuters) - The Kenyan government and domestic lenders have agreed to convert more than $400 million of the debt of Kenya Airways into equity, giving the government a controlling stake in the airliner.

The government has given Kenya Airways more than $200 million of Kenyan shilling and dollar-dominated loans, the airline said in a statement on Monday to the Nairobi stock exchange.

The agreement will increase the government’s stake from 29.8 percent to 48.9 percent. (Reporting by Maggie Fick, editing by Louise Heavens)

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