The government’s race to liquidate a significant chunk of its crown jewel, Safaricom PLC, has officially entered the court of public opinion.

In a move that could reshape the ownership structure of Kenya’s most profitable company, the National Assembly has thrown open the doors for public participation regarding the sale of a 15% state stake—a transaction aimed at raising KES 244.5 billion but shadowed by intense scrutiny over valuation and long-term economic wisdom.

Breaking Down the Billions

According to Sessional Paper No. 3 of 2025, the Treasury intends to offload 6 billion shares. While the state plans to retain a strategic 20% interest in the telecommunications giant, the divestment is designed to offer an immediate fiscal lifeline.

The joint committee of Finance and National Planning, alongside the Public Debt and Privatization Committee, outlined the financial mechanics of the deal:

• Share Sale: The disposal of shares is projected to generate KES 204.3 billion, pegged at a proposed price of KES 34 per share.
• Vodacom Arrangement: In a complex layer of the deal, Vodacom Group is expected to provide an upfront payment of KES 40.2 billion. This sum is reportedly in lieu of future dividends, bringing the total mobilization target to KES 244.5 billion.

Valuation Concerns and Public Backlash

The proposal has not landed without turbulence. Critics and market analysts have raised red flags regarding the proposed share price of KES 34, arguing it may represent an undervaluation of an asset that has consistently delivered massive dividends to the Exchequer.

The core tension lies in the trade-off: sacrificing a reliable annual revenue stream—which funds everything from infrastructure to healthcare—for a one-time cash injection to manage debt. The invitation for memoranda is a direct response to these growing concerns, offering a platform for shareholders, regulators, and the average Kenyan to challenge or support the math.

How to Have Your Say

In compliance with Article 88(1)(b) of the Constitution, the Clerk of the National Assembly has issued a formal call for input. The notice explicitly invites memoranda from "shareholders, management, employees, customers, regulators and interested parties."

For the Kenyan taxpayer, this is a rare window to influence a decision involving a national asset that virtually every adult citizen interacts with daily. As the deadline looms, the question remains: will the public's voice be enough to alter the trajectory of the sale, or is the deal already too far gone?