(Reuters) – Kenya Airways has priced its $250 million cash call at 14 shillings ($0.17) per share, a 32 percent discount to the shares’ average price over the last three months, it said on Monday.

The airline, which is 26 percent held by AirFrance KLM , wants to buy new planes with funds raised from the rights issue, in line with its plans to double its fleet in the next five years and a longer-term 10-year expansion drive.

Chief executive Titus Naikuini said the airline, one of Africa’s leading carriers, wanted to add 73 wide and narrow-bodied planes to its current fleet of 34, as well as introduce 60 new routes over 10 years.

“The plan is to expand in Africa and the Far East,” he told a news conference, referring to the airline’s strategy of connecting African travellers with the outside world through its Nairobi hub. Click here to read more