in Business & Finance

Air Burkina back in hands of Burkinabe government; seeks partner

Posted 12 April 2017 · Add Comment

The Aga Khan Fund for Economic Development (AKFED) has divested itself of its 51% stake in Air Burkina selling it to the Burkinabe government, reports ch-aviation.

 

The Burkinabe government had, in the six months prior, undertaken an audit of the airline's financial situation which it is now studying. It will then weigh up its options before actively looking for a strategic buyer. There is still a question around whether AKFED will retain Air Burkina's fleet, or if it will revert to the airline.

Air Burkina was purchased by AKFED in 2001, which attained 56% of its shares in the transaction. It employs around 230 people and operates two EMB-170 aircraft leased from an American bank through WNG Capital. Currently, Air Burkina flies to domestic destinations within Burkina Faso, as well as international routes to Ivory Coast, Ghana, Mali, Benin, Senegal, Togo and Niger. 

The transaction has not yet been confirmed by either AKFED, Air Burkina or the Burkinabe government.

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