Safaricom sale still uncertain

13 Feb 2008

The timetable of the initial public offer of a 25% stake in Kenya’s largest cellular operator has once again been thrown into doubt. The sale of part of the government’s 60% stake in Safaricom was planned for late last year but postponed due to the violence and political unrest that followed the disputed general election in December. Safaricom’s CEO Michael Joseph indicated in January that the sale could be restarted as soon as the middle of this month, but Business Daily in Nairobi now reports that this is unlikely to occur. Financial regulators such as the Capital Markets Authority (CMA) and the Nairobi Stock Exchange (NSE) have still to approve the transaction, the paper says, with the government’s priorities having turned to avoiding a recession.

Kenya, Safaricom