By Jameson Mutua
The Government of Kenya has announced that it will sell part of its shares in Safaricom PLC to raise money for major national projects.
National Treasury Cabinet Secretary John Mbadi said the move is a partial divestment, meaning the Government is only selling a small portion and will still remain a major owner of Safaricom.
“This is only a partial sale. The Government will continue to hold a significant stake,” Mbadi said during a Safaricom event in Nairobi. He added that the decision was made after careful study, expert advice, and in line with all financial laws.
He said the sale will help Safaricom attract more investment to expand new technologies like 5G, high-speed fibre, fintech services, and regional growth. “This will benefit Kenyan consumers, businesses, and the whole economy,” he said.
He also stressed that this move will not change how Safaricom is run. The company’s management and Board will continue to handle daily operations.
Regulators such as Parliament, the Capital Markets Authority, the Communications Authority, the Central Bank, and the Competition Authority will oversee the process.
The Government is selling 15% of its shares, which is expected to raise KES 244.5 billion. This amount is 23.6% higher than the average share price over the past six months.
The money will be used to start the National Infrastructure Fund and the Sovereign Wealth Fund. These funds will support big projects in energy, roads, water, airports, and other key sectors.
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