Two members of parliament have quietly built stakes in Kenya Airways, regulatory filings for February 2026 show, a move that lands just as the Treasury scrambles to find new investors to rescue the struggling national carrier.
Kiharu MP Ndindi Nyoro has emerged as the second-largest individual shareholder in Kenya Airways (KQ) after purchasing 10,396,251 shares currently valued at KES49.2 million based on the counter’s Tuesday price of KES4.74. Thika Town MP Alice Ng’ang’a picked up 2,334,623 shares worth KES11 million, placing her among the airline’s top 20 individual shareholders.
The two politicians are buying into a company that is bleeding. Kenya Airways (KQ) reported a net loss of KES17.1 billion for the year ended December 2025, reversing a KES5.4 billion profit the year prior as revenues fell sharply. Accumulated losses have pushed the airline’s asset position to negative KES132 billion.
Kenya Airways investor deal in the background
The timing is deliberate. The Treasury, Kenya Airways’ top shareholder, is actively trying to bring in a strategic investor to inject up to KES258 billion in fresh capital. In a recent shift, Kenya Airways’ management indicated it is now considering a consortium of investors rather than a single strategic partner, a change in approach that signals the complexity of the deal. The finer details of the proposed transaction have not yet been made public.
The MPs are not the only new names on Kenya Airways’ shareholder register. Suods Logistics has become the airline’s fourth-largest shareholder with a 0.37 percent stake valued at KES103.4 million. Danmill Enterprises sits sixth with a 0.26 percent stake, while Primelane Properties holds a 0.15 percent stake. Both Danmill and Primelane are registered under Peter Kamau Mwangi, giving him a combined 0.41 percent stake worth KES112.4 million.
Statutory disclosures show this isn’t Mwangi’s first move in listed companies. Danmill Enterprises is among the top shareholders in HF Group and Kenya Power, while Primelane Properties holds a position in KenGen. Suods Logistics is also a significant owner in both HF Group and KenGen, and last year acquired a stake in the State-owned Development Bank of Kenya from the insolvent investment firm TransCentury.
The politics of NSE investing
Ndindi Nyoro, a former stockbroker, is well known for his NSE activity. He is the top individual investor in Kenya Power with a 1.3 percent stake, 24.1 million shares valued at KES226.7 million — built at an average entry price of KES1.80 per share. The stock now trades at KES9.38, handing him one of the most publicised retail returns on the Nairobi bourse in recent years.
His success appears to be drawing others. Alice Ng’ang’a acquired 13.6 million shares in Kenya Re last year, ranking among that reinsurer’s top ten individual shareholders. Kenya Re’s share price has edged down to KES3.13 from KES3.19 six months ago when her position was first disclosed, though the company’s decision to pay a dividend of KES0.15 per share — despite an 11.5 percent drop in net profit to KES3.9 billion for the year to December 2025 — gives her some near-term return.
Alice Ng’ang’a has previously described her investment philosophy as focused on companies with solid fundamentals, steady returns, and long-term value creation.
The convergence of political figures and well-connected corporates on the Kenya Airways’ share register ahead of a major capital raise is worth watching. Whether these positions reflect genuine conviction in a turnaround story or an attempt to be well-positioned when the strategic investor deal reshapes the company’s structure is a question the market will be asking.
