Nairobi Kenya began selling a 65 stake in its state oil pipeline company on Monday, seeking to raise 106.3-billion shillings R13.57bn in what would be East Africas biggest initial public offering IPO in local-currency terms.
The sale is part of President William Rutos drive to divest from state companies. The government is also reducing its stake in telecoms operator Safaricom SCOM.NR.
Burdened by high national debt, limited room to raise taxes and annual repayments that consume 40 of government revenues, Rutos administration has sought new funding models.
