Government sales 15% stake in Safaricom for Sh240.5 billion

The National Treasury CS, John Mbadi./FILE

The government is set to sell a 15 percent stake in Safaricom worth Sh240.5 billion.

The National Treasury CS, John Mbadi, says the funds will be used as seed capital for the National Infrastructure Fund.

"This is a well-considered decision that has earned the government a 26.6 per cent premium," Mbadi says.

The planned sale now leaves the government with a 25 percent shareholding in the country’s leading telco.

Other shareholders in the company include Vodacom at 35 per cent, Vodafone 5 per cent while shareholders at the Nairobi Securities Exchange (NSE) hold a 25 per cent stake.

More to follow..