Kenya Airways (KQ) is set to sell seven of its aircraft in a sale deal expected to earn the loss-making airline billions of shillings.
The sale of the planes is part of the airline’s efforts to cut its fleet in a bid to strengthen its financial position, Business Daily reported.
In the plan, KQ is seeking to sell six Boeing 787-8 Dreamliner planes, one Boeing B777-300 and a spare GE engine. The airline has hired UK-based Air Partner to guide it in the planned sale.
The move comes at a time when KQ is facing a shortage of pilots, which has forced the airline to cancel flights and trim routes.
Once it sells the seven planes, the national carrier will lease them back, contract papers between KQ and Air Partner indicated.
“Kenya Airways is conducting a series of sale and leaseback transactions covering 6 x B787-8, B777-300 and GEnx spare engine,” the contract document state.
“KQ has requested Air Partner to conduct a desktop review addressing a series of questions around these sale and leaseback transactions.”
At the end of 2018, KQ had a fleet of 41 airplanes comprising a mix of Boeing jets for long-haul and Bombardier and Embraer aircraft on its short and medium-haul flights.