Government promises IPO by year-end

19 Sep 2007

The Kenyan government has played down speculation that its initial public offering (IPO) of shares in the country’s largest cellular operator, Safaricom, will not occur before the end of the year. Press reports had claimed that the forthcoming general election could lead to the sale being postponed until next year, but finance minister Amos Kimunya has told The Standard that the IPO should be completed ‘before Christmas’. The government has a 60% stake in Safaricom and is offloading 25% in the IPO. The deal is expected to become the largest IPO on the Nairobi stock exchange.

Kenya, Safaricom