Stockbrokers urge State to sell more Safaricom stake to Kenyan public

Key Takeaways

• Stockbrokers are urging Parliament to approve the sale of an additional five per cent of the government's Safaricom stake to the public, on top of the planned 15 per cent divestiture to Vodacom.
• This proposed public offering is projected to raise an extra Sh68 billion, boosting total government revenue from the divestiture to approximately Sh312 billion, a 28 per cent increase from the initially projected Sh204 billion.
• The initial plan involves selling 15 per cent of the government's 35 per cent stake in Safaricom to South African telecommunications firm Vodacom at Sh34 per share, following the enactment of the Privatisation Act, 2025.
• Proponents argue that a public offering would promote wealth democratization, enhance financial inclusion for ordinary citizens, boost capital market liquidity, and attract diverse investors to the Nairobi Securities Exchange.