KENYA ONLINE Kenya Clings to Control of State Firms With Stake Sales on Table 3 years ago Iwo Bulski Post Views: 429 The Kenyan government signaled caution on relinquishing more control over companies part-owned by the state including Safaricom Plc, the nation’s biggest firm by market value. The Nairobi Securities Exchange has said it’s in talks with officials over the sale of additional stakes in already publicly traded state companies, a program expected to raise as much as 300 billion shillings ($2.8 billion). But any such decision over Safaricom is only possible if matched by other key shareholders, Stanley Kamau, acting director general of public investments and portfolio management at the National Treasury, was cited as saying by NTV. The Kenyan government and U.K. carrier Vodafone Group Plc — along with its South African unit Vodacom Group Ltd. — each hold 35% in the mobile-banking pioneer that accounts for almost two-thirds of the Nairobi market’s capitalization. “Given the strategic and security issues around Safaricom, we would not want to go below Vodafone,” – Nairobi-based NTV quoted Kamau as saying. “If Vodafone is willing to go 10%, we can go 10%,” Kamau said. “But I don’t think we’d want to get diluted as the government on Safaricom.” A decision to attach conditions to possible divestments represents a pushback by Kenya’s government over losing sway over companies that contribute the biggest dividends to state coffers. While the state is open to slashing its stake in the nation’s biggest power producer — Kenya Electricity Generating Co. — to 60% or close to half from 70% currently, it doesn’t intend to become a minority shareholder in the loss-making Kenya Power and Lighting Co., according to Kamau. “Given the strategic nature and monopolistic tendency of KPLC, I’m not sure we would want to move away from 50% and move to about 45%, where the government loses control on a monopoly,” – Kamau said. The government won’t privatize Kenya Pipeline Corp., which manages fuel distribution from the port city of Mombasa to the rest of the country and four neighboring countries including Uganda, Rwanda, Burundi and the Democratic Republic of Congo. Source: Bloomberg About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Kenya, Safaricom, Vodafone Continue Reading Previous West African Countries join force to provide affordable InternetNext What are the safety measures to take on before gambling online? More Stories ONLINE SOUTH AFRICA Top Betting Sites in South Africa Featuring the Aviator Crash Game 14 hours ago Szarlot GAMES ONLINE Pragmatic Play introduces a twist on picture bingo with Animingo 14 hours ago Samuel ONLINE SOUTH AFRICA Nolimit City launches in South Africa 2 days ago Samuel ONLINE What Is Blockchain? 2 days ago Szarlot BETTING KENYA Odibets unveils Sh5m sponsorship for Kenya Women 3X3 basketball team 3 days ago Szarlot NIGERIA ONLINE Nigerian crypto fee hike invitation for crypto “big boys” 3 days ago Szarlot EXPERTS KENYA Tappi expands services across Africa beyond Kenya and Nigeria 3 days ago Samuel KENYA ONLINE iGaming’s Global Growth: From Africa to North America 3 days ago Szarlot KENYA ONLINE Kenya’s Blockchain Association Makes Plea for Detained Binance Executives 3 days ago Samuel HOT NEWS ONLINE SOUTH AFRICA South Africa’s online casino industry in 2024 4 days ago Samuel ONLINE SOUTH AFRICA Analysis Of Land-Casinos and Online Casinos in South Africa 4 days ago Szarlot ONLINE UGANDA How to Easily Find Your Favorite Game at Buffalo Slots 4 days ago Tools Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.