Safaricom shares soar

9 Jun 2008

Share prices of Kenya cellular operator Safaricom have jumped 50% on their first day of trading on the Nairobi Stock Exchange to KES7.5 (USD0.116) from their opening price of KES5. The government has offloaded a 25% stake in Safaricom, with the bulk of the offer taken up by domestic investors. The sale, which was oversubscribed by more than 500%, should raise around USD833 million for the government. Safaricom is East Africa’s most profitable company, with profits of USD370 million last year.

Kenya, Safaricom