The Kenyan government has started the process of cleaning up Telkom Kenya’s balance sheet in preparation for its privatisation. The International Finance Corporation has been selected as the transaction advisor. The government has started the process of planning an initial public offering (IPO) for Telkom which it expects to complete within 18 months. It hopes to sell 34% of Telkom to the public via the Nairobi Stock Exchange, with a further 26% to be sold to a strategic investor. Telkom is currently in the process of a KES12 billion staff layoff plan which will result in around 12,000 redundancies.