Government to sell 15% safaricom stake for KSh 244B

The national treasury has announced plans by the government to offload 15 percent of its stake in telco service provider Safaricom. This will see the government raise 244.5 billion shillings from the over 6 billion shares, which will be transferred to Vodafone Kenya. Treasury, however, maintains that the company will remain a Kenyan brand despite the majority of the shares being owned by Vodacom upon completion of the transaction, listing several conditions that have been agreed upon as part of efforts to safeguard Kenyan interests.