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Thursday, February 29, 2024

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Kenya To Privatize 35 State-Owned Firms – President William Ruto

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President William Ruto of Kenya announced on Thursday that following the passage of a bill last month to reduce bureaucracy, the government was ready to privatise 35 state-owned businesses and was considering looking at another 100.

A revamped privatisation package that facilitates the sale of state enterprises to private companies was signed into law by his government last month.

Kenya’s last privatisation of a state-owned enterprise took place in the year 2008 when it conducted an initial public offering (IPO) for 25% of the telecom company Safaricom’s shares.

The Kenya Pipeline Company, Kenya Electricity Generating Company, and banks were among the 26 companies on a list that the cabinet authorised in 2009 for privatisation; however, nothing has happened as of yet.

Ruto stated, “We have identified the first 35 companies that we are going to offer to investors,” at an African stock market leaders’ meeting in Nairobi, the host country.

According to the law that Ruto signed last month, share sales through public tendering and initial public offerings are two of the techniques that will be used for privatisation. At the time of the signing, the presidency stated that the updated law aimed to increase the private sector’s role in the economy.

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