“Government loans to KQ were huge and when they were converted to equity, they ended up diluting KLM’s equity. The banks’ stake will stand at 38.1 per cent, acquired through KQ Lenders Co. ![]() In a media briefing in Nairobi on Monday, Treasury Cabinet Secretary Henry Rotich said that in the new shareholding structure after converting KQ’s loans of Ksh44.2 billion ($442 million) to equity, KLM will have a 7.8 per cent stake, down from 26.7 per cent, whereas the government’s stake will rise to 48.9 per cent from 29.8 per cent. Royal Dutch Airlines, KLM, is the biggest loser in the just concluded Kenya Airways debt swap deal that will see the airline majorly owned by the Kenya government and banks.
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