National carrier Kenya Airways has been shortlisted among seven airlines that are seeking to acquire a minority stake in Air Madagascar.
This comes as Air Madagascar which is currently flying through cash strains, looks for a strategic partner. It currently needs Sh. 2.5 billion in loan to fly out of debts, non-profitable routes, high staff costs, and an old fleet.
The carrier has 1,117 staff members.
Kenya Airways will be up against Ethiopian Airlines, South African Airlink, Air Mauritius, and Air Austral. The stake on the table is of up to 49 per cent.
Ironically, KQ is in a financial crisis and has been tagged as seeking for Sh. 60 billion to revitalize itself.
