Business & Economy3 stories from 1 sources
The Consumer Federation of Kenya (COFEK) has petitioned the National Assembly to block the proposed sale of a 15 percent stake in Safaricom PLC to Vodafone Kenya, citing concerns over national economic sovereignty. The divestment would reduce the state’s shareholding to a minority 20 percent. Kiharu MP Ndindi Nyoro has also strongly opposed the Treasury’s plan, arguing the restricted sale could cost taxpayers an estimated Sh150 billion. Nyoro advocates for an open tender process, stating the current deal violates the Public Finance Management Act. In response to the developments, Safaricom has assured Kenyans that its ownership and operations will remain unchanged despite the proposed share sale and that changes in shareholding will not affect its governance or regulatory oversight.