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Kenya Airways to reduce its stake in PrecisionAir; Middle East shares stable

Kenya Airways confirmed it plans to reduce its stake in PrecisionAir from 49% to 34%, selling the 15% stake through an IPO to investors in Tanzania by the end of 2010. Kenya Airways took the investment in PrecisionAir in 2003, after Kenya Airways' bid to take over Air Tanzania failed. Kenya Airways' shares were flat on Friday.

Most shares on Friday (09-Jul-2010) were either stable or on the decline, with the shares of Lonrho (-2.3%), 1time (-1%) and Air Arabia (-0.1%) down.

Selected African and Middle Eastern airlines share price movements (% change): 09-Jul-2010