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Kenya Airways to deploy B777; Kuwait Airways to borrow from local banks to pay salaries

16-Aug-2010

Kenya Airways (+1.1%) shares slightly rose on Friday (13-Aug-2010), on the same day the carrier announced plans to deploy B777 widebody aircraft on China service. The B777 will be configured with 28 business and 294 economy-class seats for services departing Guangzhou and Hong Kong from 01-Oct-2010, a 50% increase in capacity.

The carrier operates four weekly departures from Guangzhou and three weekly departures from Hong Kong to Nairobi via Bangkok.

See related CAPA profile: Route changes

African shares were on the rise on Friday with Comair (+1.6%) and Lonrho (+2.2%) both gaining slightly.

Soon-to-be-listed Kuwait Airways stated it would borrow from local banks to pay employee salaries, with company spokesman, Adel Boresly, stating: "We got the approval of the cabinet to borrow from local banks to support the company's cash flow including payment of salaries." No details on the financing amount were provided, although it has been reported the carrier required USD208 million in liquidity.

Meanwhile, Middle East shares were on the decline with Royal Jordanian (-1.9%), Jazeera (-1.8%) and Air Arabia (-0.1%) shares down.

Selected African and Middle Eastern airlines share price movements (% change): 13-Aug-2010


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