The State is moving ahead with plans to partially divest its stake in Safaricom after Parliament approved the government’s proposed $1.91 billion share sale, marking one of the most significant privatisation moves in recent years.
The decision follows the adoption of a joint report by the National Assembly’s committees on Public Debt and Privatisation and Finance and National Planning, clearing the way for the state to proceed with the transaction.
The motion was introduced by Abdi Shurie, chairperson of the Public Debt and Privatisation Committee, who urged lawmakers to endorse the report and allow the government to begin the process of reducing its shareholding in the telecommunications giant.
Parliamentary approval sets the stage for the next phase of the transaction, although the effective date of the divestiture will depend on the completion of several regulatory and procedural requirements.
According to the parliamentary resolution, the approval will take effect on April 1, 2026, or on a later date once all prerequisite approvals are secured.
Safaricom remains one of Kenya’s most valuable listed companies and a dominant force in the country’s telecommunications and financial sector.
The company’s strong market position, driven by its mobile network operations and digital financial services platform, has made it one of the most profitable firms in the region.
