Kenya to Sell Additional Safaricom Shares in Bid to Boost Revenue, Ease Debt Burden

Nairobi, Kenya – May 26 — The Kenyan government has announced plans to offload an additional portion of its stake in Safaricom PLC, the country’s largest telecommunications firm, in a bid to raise capital for development projects and reduce its dependence on external borrowing.

Finance Cabinet Secretary-designate Njuguna Ndung’u made the announcement during a press briefing, confirming that the government will list a portion of its remaining shares on the Nairobi Securities Exchange (NSE). The sale, he said, aligns with ongoing efforts to broaden public ownership of state-linked assets while managing public debt more sustainably.

“This is a strategic, revenue-generating measure that allows us to inject liquidity into critical development sectors without taking on more debt,” Ndung’u stated. “It is not privatization—Safaricom will remain a public-private partnership with the government as the largest single shareholder.”

The move follows a similar share disposal executed last year, which was met with strong market interest. Officials expect the upcoming offering to generate several billion shillings in non-tax revenue, offering retail and institutional investors a fresh opportunity to deepen their equity in one of Africa’s most profitable telecom firms.

Market analysts welcomed the announcement, predicting that it could boost investor confidence and increase liquidity on the NSE. With Safaricom shares already a cornerstone of the Kenyan bourse, the additional float is expected to attract both domestic and international capital.

“This is a smart fiscal play,” noted a Nairobi-based financial analyst. “It injects needed funds into the government while expanding Safaricom’s public float and improving market dynamics.”

Safaricom has consistently ranked among the most valuable companies in East Africa, credited with powering financial inclusion through its flagship mobile money platform, M-Pesa.

The government has yet to confirm the exact size or timing of the share offering, but sources indicate it could be finalized in the next fiscal quarter.