Why Kenya kept retail investors out of its biggest Safaricom sale yet
- Kenya sold a 15% stake in Safaricom to Vodafone for KES 204.3 billion ($1.57 billion).
- The sale gives Vodafone a 55% majority control of Safaricom, reducing the state's holding to 20%.
- The transaction has been criticized for locking out local retail and institutional investors.
The decision to sell a significant stake in Safaricom to a foreign entity while excluding local investors raises concerns about equity and transparency in state asset sales. This move could undermine local market confidence and participation in future privatizations, suggesting a need for more inclusive policies in such transactions.
