Kenya Airways eyes new unit to manage JKIA for 30 years - 1 months ago, 24 Jan 06:08
Kenya Airways #ticker:KQ has proposed the formation of a subsidiary dedicated to managing operations at the Jomo Kenyatta International Airport (JKIA) for a concession period of 30 years.
KQ’s plan, contained in its Privately Initiated Investment Proposal (PIIP), includes the creation a special purpose vehicle (SPV) — a unit of a company which is shielded from the parent firm’s financial risk — to operate, maintain and develop JKIA.
“It (SPV) is set up under the conditions set out in Section 59 of the public-private partnership (PPP) Act,” said Jonny Andersen, KAA managing director.
The PIIP is required to satisfy defined criteria, follow statutory steps and obtain approvals from the relevant regulators.
“The board of directors and management of the KAA, therefore, appointed transaction advisers to advise on the PIIP including carrying out comprehensive due diligence and evaluation of the PIIP. MMC Africa Law has been picked as transactional advisers,” he said Wednesday.
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