Treasury to wait longer for Sh244bn Safaricom windfall
Sale of the stake to await the determination of petitions filed by four Kenyans...
✨ Key Highlights
The High Court has extended a freeze on the sale of a 15 per cent stake in Safaricom Plc to parent firm Vodacom Group Limited, delaying a potential Sh244.5 billion windfall for the National Treasury.
- The deal's delay means the National Treasury may retain a Sh16 billion dividend if it maintains full ownership of its 35 per cent shareholding until August.
- Key parties involved include the High Court, the National Treasury, Safaricom Plc, and Vodacom Group Limited.
- The court dismissed the government's argument that halting the transaction would harm investor confidence, stating constitutional compliance cannot be subordinated to commercial convenience.
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Treasury to Wait Longer for Sh244bn Safaricom Windfall - May 2026
The High Court has extended a freeze on the sale of a 15 per cent stake in Safaricom Plc to parent firm Vodacom Group Limited, delaying a potential Sh244.5 billion windfall for the National Treasury. Separately, Equity Group Holdings has reported a significant 24 per cent year-on-year rise in Profit After Tax, reaching Sh19.1 billion for the first quarter ended March 2026, driven by strong performance from its regional subsidiaries and insurance arm. The Kenya National Chamber of Commerce and Industries has also raised concerns that the proposed Tobacco Control (Amendment) Bill, 2024 could exacerbate the illicit tobacco trade, estimated to cost the government Sh12 billion annually in lost taxes.
