Kenya Airways (KQ) passionately known as the pride of Africa finally announced today the time table for its delayed rights issue. The company is seeking to raise Sh20.6 Billion by issuing 1.4 Billion new shares to current shareholders at a price of Sh14 (Rights Issue Price). KQ shareholders who will be on the register on/after the closure/record date of 19 March 2012 will have the right to subscribe to 16 ordinary shares for every 5 ordinary shares held. The top 2 Shareholders KLM/Air France (subject to conditions) and the Government of Kenya (GoK) who together collectively own 49% of the airline have made written commitments to fully take up their rights issue shares. KQ also restored this morning their previously issued profit warning saying that they still expect this years (FY 2012) profits to be well below last years due to escalating fuel prices and conflicts in some of the airlines destinations i.e Egypt and Nigeria. Jet fuel prices have gained 6.1% in the past 1 month according to figures provided by IATA. KQ reported strong operating margins in FY 2011 on the back of high passenger yields and lower costs despite increased capacity.