EXPERTS KENYA President Ruto unveils plan to privatise 35 state companies in Kenya 3 months ago Samuel Post Views: 232 President William Ruto of Kenya announced the government’s intention to privatize 35 state-owned companies. His administration is also considering the privatization of another 100 firms following the recent enactment of a law aimed at reducing bureaucratic processes. The last instance of state privatization in Kenya occurred in 2008 with telecommunications company Safaricom. On Thursday, President William Ruto of Kenya announced the government’s intention to privatize 35 state-owned companies. According to Reuters, the last instance of state privatization in Kenya occurred in 2008 when the government conducted an Initial Public Offering (IPO) for 25% of the shares in the telecommunications company Safaricom. “We have identified the first 35 companies that we are going to offer to investors,” – Ruto told a meeting of African stock market officials in the capital Nairobi. Ruto refrained from specifying the companies to be privatized, and Finance Minister Njuguna Ndung’u opted not to disclose them as well. The legislation endorsed by Ruto last month outlines various methods for privatization, including Initial Public Offerings (IPOs) and the sale of shares through public tendering processes. Kenya is currently facing acute liquidity challenges, driven by uncertainty surrounding its capacity to secure funding from financial markets ahead of the maturity of a $2 billion Eurobond in June 2024. President Ruto had said Kenya will repay $300 million of its $2 billion Eurobond in December, ahead of its June maturity date. The decision comes after Kenya explored funding options, including seeking support from multilateral lenders such as the IMF and World Bank, and considering syndicated loans to facilitate the repayment. The IMF recently announced a staff-level agreement with the country, allowing for immediate access to $682.3 million and an increase in the current program’s funding by $938 million. Source: africa.businessinsider.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Kenya, privatisation, Ruto Continue Reading Previous Entain ‘remains confident’ but ‘open to constructively addressing’ investor concernsNext Africa’s Digital Future and the Rise of Mobile Gaming More Stories EXPERTS HOT NEWS UGANDA Comtrade gaming rolls out central monitoring system in Uganda 14 hours ago Szarlot EXPERTS KENYA Betting Board Launches Renewed Campaign On Illegal Gambling Dens 15 hours ago Szarlot BETTING KENYA Betting Regulator Enforces Court Order Against Speed Dial Feature On Internet Browsers 15 hours ago Samuel EXPERTS NIGERIA Joining us as a speaker at AGE Lagos is Olajide Boladuro 4 days ago Samuel KENYA ONLINE Kenya To Introduce Cryptocurrency Regulation 4 days ago Samuel EXPERTS Booming Games Enters African Market Via BetFounders Partnership 5 days ago Iwo Bulski BETTING KENYA Understanding Kenya’s Sports Betting Boom 5 days ago Samuel EXPERTS NIGERIA Changes and Challenges in Nigeria’s Gambling Industry 6 days ago Samuel EXPERTS NIGERIA Zu Tohtayeva will be joining us as a speaker at AGE LAGOS 2024 6 days ago Samuel BETTING KENYA Magical Kenya Open Tips 2024 6 days ago Szarlot EXPERTS GHANA GRA’s 10% tax on games of chance: A double-edged sword? 6 days ago Szarlot ETHIOPIA EXPERTS Ethiopia’s $250 Million Bet on Bitcoin Mining and AI 6 days ago Samuel 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.