Safaricom, East Africas largest telecom operator led by Kenyan executive Peter Ndegwa, has received Central Bank of Kenya CBK approval to sell 15 percent of the governments stake in the company. Officials describe the move as a practical measure to relieve rising public debt, making the 1.6 billion Ksh206.4 billion transaction a significant source of fiscal support.
Kenya trims Safaricom stake to 20 percent
The sale will reduce the states holding in Safaricom, Kenyas most valuable company, from 35 percent to roughly 20 percent. South Africas Vodacom Group, Safaricoms largest shareholder and strategic partner, is expected to increase its stake under the arrangement.
