By VICTOR JUMAMore by this AuthorTen local banks including Equity, KCB and CBA have suffered a combined paper loss of Sh8.6 billion on their Kenya Airways’ shares as the airline’s stock plummeted in the wake of continued losses. KQ, as the national carrier is known by its international code, in 2017 issued the lenders with 2.2 billion shares to settle their loans amounting to Sh17 billion. The shares were acquired at a price of Sh7.78 each but the airline’s stock price has since dropped 51.7 percent to close at Sh3.75 on Friday, resulting in the lenders’ paper loss of Sh8.6 billion. KQ reported a net loss of Sh7.5 billion in the year ended December when its costs surpassed its revenue significantly. This means that they are sitting on a paper loss of 82 per cent.

Source: Daily Nation May 12, 2019 18:56 UTC