23 C
Kenya
Saturday, August 15, 2020

Billionaire Chris Kirubi buys 2.1 million KQ shares

Must Read

Ann Gachugu: I left my banking job in Australia to farm in Kenya

“I had a banking in Australia before I quit my job to return home to become a mushroom farmer....

See List: Top 10 highest paid CEOs in Kenya and their salaries

Highest Paid CEOs in Kenya: Some of Kenya's chief executive officers take hundreds of millions in salaries every year....

Nairobi salons now selling, weaving hair extensions from dumpsites

BY REUTERS: Stylist Julia Wanja picks her way delicately through piles of food waste, discarded masks, rubber gloves and...

Billionaire entrepreneur and investor Chris Kirubi has bought 2.1 million Kenya Airways shares. The move by Mr. Kirubi comes a few weeks after he urged on Kenyans to invest in Kenya Airways as a way of salvaging the airline.

According to records, Mr. Kirubi acquired the shares in August shortly after Kenya Airways announced that it had sunk into a massive loss of Sh. 25 billion.

During the announcement of KQ’s full year results, Mr. Kirubi was reported to have suggested taking Kenya Airways off the stock market as a strategy aimed at redeeming it.

The billionaire has positioned himself as one of the key drivers of the local securities market, with huge chunks of stakes in profit-making entities such as Centum. It remains to be seen how his new investment will augur in the market at a time when bad news continue to stream out of KQ.

The national carrier is currently struggling to justify why it is overpriced in comparison with other regional and international carriers. Reports issued last week indicated that KQ has been charging nearly double prices what other airlines charge to fly to key routes.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

180,544FansLike
11,005FollowersFollow
153FollowersFollow
277SubscribersSubscribe
WhatsApp
Telegram

Latest News

Equity Partners With Merchants To Push Contactless Payments

Equity Cards Discounts Customers get a 10% discount on purchases at Dignity collection on Equity cards. Equity...

KCB half year profit falls by Sh. 5.2 billion as corona bites

2020 KCB Half Year Profit: The Kenya Commercial Bank has become the first local lender to post a profit drop in the midst of...

You can no longer borrow below Sh. 2,000 on M-Shwari

MShwari Limit: Safaricom and the NCBA Bank have raised the minimum threshold that customers can borrow on Mshwari to Sh. 2,000. Subsequently, borrowers of...

Isaac Hunja: I got wealthy by knowing the power of every shilling

Isaac Hunja is the chief executive officer at Sky Garden, an e-commerce service and product distribution platform that targets small and medium enterprises. Biggest money...

Husqvarna 128ld Trimmer Review

Husqvarna 128ld Trimmer Review  The Husqvarna 128ld Strimmer comes with a 28 cc engine and boasts a width of 17 inches. Thanks to the strimmer...

More Articles Like This