Potential investors from the United States, China, South Africa and Singapore have expressed interest as the national carrier considers a major ownership and debt restructuring.
NAIROBI, Kenya — Kenya Airways is seeking new investors after reporting a pre-tax loss of KSh15.92 billion, approximately $123 million, for the first half of 2026.
The loss increased from KSh12.17 billion during the same period last year, despite continued passenger demand.
Kenya Airways attributed its worsening financial position partly to higher fuel expenses, aircraft maintenance delays and shortages of spare parts. Fuel costs rose by 72%, with disruptions linked to the Middle East conflict contributing to the increase.
Maintenance problems also reduced the number of aircraft available for service, limiting the airline’s ability to benefit fully from passenger demand.
Chairman Kiprono Kittony said potential investors from the United States, China, South Africa and Singapore had expressed interest in the airline. Kenya Airways expects to disclose further information about the interested parties within the coming weeks.
However, the company has not announced a preferred investor, investment amount or proposed ownership structure.
The airline is also considering converting debt owed to the Kenyan government and local banks into shares. Such an arrangement could reduce Kenya Airways’ debt burden but would change the stakes held by existing shareholders.
Kenya’s government owns 48.9% of the airline, while a group of local banks holds a substantial stake acquired through an earlier debt restructuring. Air France-KLM is another shareholder.
Management says any new investment arrangement must preserve significant Kenyan ownership to protect the airline’s status as the country’s national carrier.
Kenya Airways is strategically important to Nairobi’s position as a regional aviation hub. Its network connects Kenya with destinations across Africa, Europe, Asia and the Middle East while supporting tourism, cargo movement and international trade.
The latest financial results mean the search for an investor is becoming more urgent. But the central question is not only how much money Kenya Airways can attract. It is also how much ownership or influence a strategic investor would receive in return.
The airline has not yet explained whether it is seeking one major aviation partner, several financial investors or a combination of private capital and debt conversion.
Any agreement could determine whether Kenya Airways remains primarily controlled by Kenyan interests or becomes more dependent on a foreign strategic partner.