Vodafone increases Safaricom stake

15 Mar 2006

UK phone operator Vodafone has agreed to increase its stake in Kenyan subsidiary Safaricom to 49% by acquiring a 9% stake from the government-backed PTO Telkom Kenya. The UK firm is currently negotiating the price with the government according to a report from local newspaper The East African. The state has said it will use the proceeds from the sale to help pay for the restructuring of Telkom Kenya in the run-up to its proposed part-privatisation.

Kenya, Safaricom