Opposition still fighting against IPO

10 Oct 2007

A Kenyan opposition party says it will continue to fight to halt the government’s planned sale of a 25% stake in the country’s largest cellco, Safaricom, despite a recent High Court ruling which says the share offer can go ahead. The Orange Democratic Movement (ODM) wants to block the initial public offering (IPO) until the new Privatisation Act is brought into operation. The party has vowed to take its case to the Court of Appeal after losing out in the High Court, reports the East African Standard. The ODM’s secretary general, Anyang’ Nyong’o, said: ‘We need in-built safeguards and regulatory mechanisms contained in the Privatisation Act 2005 enacted so that we do not have a few well connected individuals transferring public wealth into their hands.’ The Privatisation Act was accepted by Kenya’s parliament in 2005 but has never been officially enacted.

Kenya, Safaricom