Government to pay over KSh 3bn in Safaricom stake sale advisory fees

The government is set to spend over three billion shillings on transaction advisors and lawyers in the sale of its stake in Safaricom, a deal that will see the state offload at least 15 percent of its shares. Appearing before a joint sitting of parliamentary committees on finance, national planning, public debt, and privatisation, Treasury Cabinet Secretary John Mbadi defended the move to allow vodafone to be the sole buyer of the more than six billion shares held by the government.