COFEK petitions Parliament to block Safaricom sale

NAIROBI, Kenya, Jan 20 - The Consumer Federation of Kenya (COFEK) has petitioned the National Assembly to halt the government’s proposed sale of a 15 Kenya breaking news | Kenya news today |..

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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 and lack of public scrutiny. This divestment would reduce the state’s shareholding to a minority 20 percent, consolidating majority control under Vodacom.

The transaction involves 6.01 billion shares valued at approximately Ksh 244.5 billion, with shares being offered at Ksh 34 each.
COFEK Secretary General Stephen Mutoro argues Safaricom’s M-Pesa dominance makes it a critical national asset, questioning the block sale to a foreign entity over local investors.
The Kenya Bankers Association (KBA) proposed a modified deal, reserving 300.4 million shares for the Kenyan public, while Safaricom CEO Peter Ndegwa reassured lawmakers the sale is merely a "shareholder realignment."

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