Safaricom CEO denies role in share pricing; stake sale opposed

Safaricom's Chief Executive Officer, Peter Ndegwa, says the Tele-Communication Company was not privy to the mechanisms that were used to determine the share price in the planned sale of a 20 per cent stake. While submitting his presentations to the joint National Assembly Committees of Finance and Planning as well as Public Debt and Privatization, the Safaricom boss told the committee that the changes in shareholding will not affect the company's operations, adding that the proposed transaction does not alter Safaricom’s governance framework, regulatory oversight, or national jurisdiction.