African bank agrees to finance Safaricom sale

13 Jul 2005

The First Africa bank has offered to finance a government bid of USD400 million for a 40% stake in Kenyan cellco Safaricom currently held by Vodafone of the UK. The government is likely to acquire its stake via Telkom Kenya, which is wholly state-owned and already owns the remaining 60% of the cellco.

Kenya, Safaricom