Accountants question ‘optimal value’ claim in single-bidder Safaricom sale
NAIROBI, Kenya, Jan 16 - The National Treasury has come under scrutiny over its decision to bypass competitive bidding in the planned sale of its 15 Kenya breaking news | Kenya news today |..
✨ Key Highlights
The National Treasury faces scrutiny over its plan to sell a 15 percent stake in Safaricom Plc to Vodafone Kenya via a direct sale, bypassing competitive bidding. The Institute of Certified Public Accountants of Kenya (ICPAK) questions whether this approach ensures optimal value for taxpayers.
- The proposed valuation for the stake is Sh204.3 billion, based on a Sh34 per share price.
- ICPAK representative Sandeep Maina challenged the direct sale, arguing it limits price discovery.
- The Treasury defended the single-bidder strategy, citing concerns about lower offers from competitive bidding, market saturation if sold on the Nairobi Securities Exchange, and lack of operational expertise from private equity investors.
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Treasury Defends Single-Bidder Sale of 15% Safaricom Stake to Vodafone Kenya - January 2026
The National Treasury is defending its plan to sell a 15 percent stake in Safaricom Plc to Vodafone Kenya through a single-bidder, direct sale process, a move questioned by the Institute of Certified Public Accountants of Kenya (ICPAK). ICPAK is scrutinizing whether this approach ensures optimal value for taxpayers. The government's plan is to sell 6 billion shares at Sh34 per share, raising approximately Sh204.3 billion. The Safaricom Dealer Association has cautioned the government against the sale to Vodacom Group, fearing it could undermine the company's dealer-based distribution model. Concurrently, Airtel Kenya is advocating for regulatory reforms, arguing that changes in Safaricom's ownership alone will not foster adequate competition.
