Kenya to Sell 15% Safaricom Stake for Sh240.5 Billion to Boost Infrastructure Fund
The government has announced plans to sell a 15 percent stake in Safaricom valued at Sh240.5 billion, in what marks one of the largest state divestitures in recent years.
National Treasury Cabinet Secretary John Mbadi said the proceeds from the sale will serve as seed capital for the newly established National Infrastructure Fund, which aims to accelerate investments in critical road, energy and digital infrastructure across the country.
“This is a well-considered decision that has earned the government a 26.6 percent premium,” Mbadi said, noting that the sale reflects strong investor confidence in Safaricom’s performance and long-term prospects.
Following the transaction, the government’s shareholding in Kenya’s largest telecommunications company will reduce to 25 percent. Safaricom’s other major shareholders include Vodacom at 35 percent, Vodafone at 5 percent, while investors at the Nairobi Securities Exchange (NSE) collectively hold 25 percent.
According to Mbadi, the move is part of a broader state strategy to unlock capital from mature assets and channel resources toward priority national development projects.
Safaricom remains one of the most profitable firms in East Africa, with its shares widely considered a bellwether for the local capital market.