Govt retains 70% stake as KENGEN restructures board and shareholding

Shareholders of the Kenya Electricity Generating Company, KenGen, have today approved a fundamental restructuring of the company’s governance during an Extraordinary General Meeting. The reforms, which align the utility with the Government Owned Enterprises Act of 2025, introduce a dual-class share structure and new independence requirements for the board. While the Government of Kenya maintains its 70 percent majority stake, the new framework is designed to insulate the firm from political interference and secure the long-term capital required for its 2034 renewable energy expansion.