President William Ruto has announced plans by the government to list Kenya Pipeline Company (KPC) shares at the Nairobi Securities Exchange, pending approval from the Cabinet and Parliament.
The President said the move to list KPC is part of a broader government effort to improve efficiency and governance in State corporations.
Ruto was speaking on Wednesday during a bell-ringing ceremony at the NSE to mark the listing of the Linzi 003 Infrastructure Asset-Backed Security.
Ruto noted that KPC’s listing would make it one of the few
successful State-owned enterprises trading on the stock market, joining
companies like Safaricom, KenGen, and Kenya Commercial Bank (KCB).
He highlighted the country's slow pace in privatisation,
pointing out that Kenya had not undertaken a single privatisation in over ten
years, while other nations in the region have made bold moves to boost their
economies.
"While other nations in the region have moved boldly
and strategically to divest and reinvigorate their economies, Kenya has not
undertaken a single privatisation in over a decade," he said.
The event marked the official listing of the Linzi 003 bond,
issued by Linzi Finsco 003 Trust, a subsidiary of Liaison Group.
The bond raised over Sh44 billion, with proceeds going towards the development of the Talanta Sports City Stadium.
This will be the country’s first large-scale international
stadium project in over four decades.
The President
described the stadium as a world-class complex aimed at hosting global
tournaments, nurturing local sports talent, and reviving Kenya's position as a
strong sporting nation.
During his speech, Ruto also talked about the recent positive
performance of the NSE, whose market capitalisation has reached Sh2.5
trillion.
He said the growth is a sign of renewed investor confidence
and a reflection of his government’s economic policies.
He cited his recent trip to London, where four major
international firms; Lloyd’s of London, Bupa International, Africa Specialty
Risk, and Africa Finance Corporation, committed to investing in Kenya.
He said this is evidence of growing international trust in
Kenya’s economic direction.
Ruto reaffirmed his promise to fulfill all the pledges he made during his 2022 election campaign, saying each commitment is being achieved step by step.
He also defended his leadership approach against critics who
accuse him of taking on too many challenges at once. He said this was a
deliberate strategy to align the country’s leadership with the ambition of the
nation.
“The critics may say I am wrong. The cynics may say I am
lying. And the naysayers may even say I am mad. But what if they are all wrong and
they are,” he said.
Also present at the event were Treasury Cabinet Secretary
John Mbadi, Defence Cabinet Secretary Soipan Tuya, NSE Chairman Kiprono
Kittony, Liaison Group CEO Tom Mulwa, and other key capital market players.
