Fintrade Capital: Govt Shares in Safaricom to be offloaded soon in IPO

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Tuesday, February 6, 2007

Govt Shares in Safaricom to be offloaded soon in IPO

By:Emmanuel Toili , Posted: Tue, Feb 06, 2007
http://www.kbc.co.ke/story.asp?ID=40659

The government is preparing a proposal for the sale of an extra 3 percent of its shares in Safaricom.
Finance Minister, Amos Kimunya says the government has already secured a guarantor for the sell of 9 percent stake at the mobile phone company.
The government's bid to sell 12 percent stake in Safaricom will receive a boost if the Cabinet approves a viability report by the Finance Minster.
Kimunya said the floatation of the shares will only take place once it is confirmed that investors are able to buy them.
Last month the government and Vodafone plc of the United Kingdom signed a waiver agreement allowing the government to offload 9-percent shareholding in Safaricom.