The government has invited Kenyans to comment on the proposed sale of the 15% stake at Safaricom PLC to Vodacom Group.

In a notice on December 8, the National Assembly said the Cabinet Secretary (CS) for the National Treasury has submitted Sessional Paper No. 3 of 2025 on Partial Divestiture in Safaricom PLC by the government of Kenya to the National Assembly.

The Sessional Paper has been referred to the Departmental Committee on Finance and National Planning and the Public Debt and Privatization Committee for consideration and reporting to the House.

Parliament said Safaricom PLC is a listed company at the Nairobi Securities Exchange with an actively traded counter, whose volume-weighted average price over the six months ending 2nd December, 2025, was approximately Ksh27.50 per share, resulting in a market capitalization of roughly Ksh1.158 trillion (USD 8.979 billion).

“And whereas section 87A of the Public Finance Management Act, Cap. 412A provides that any sale of the National Government’s shares in a government-linked corporation must be approved by the Cabinet and by a resolution of the National Assembly to ensure fiscal prudence, parliamentary oversight, and to reinforce transparency and accountability in the management of public investments. It is notified that Sessional Paper No. 3 of 2025 on Partial Divestiture in Safaricom PLC by the Government of Kenya seeks to facilitate the mobilization of resources to be allocated to critical infrastructure development,” reads part of the notice.

What Govt Aims to Achieve With the Sale of Safaricom  Shares

Specifically, the National Assembly said the proposed Partial Divestiture aims, among others, to-

• Divest the Government’s 6,009,814,200 shares, equivalent to 15% of Safaricom PLC. The Government shall retain 8,012,758,380 shares, equivalent to 20% of Safaricom PLC.
• Generate approximately Kshs. 204. 3 billion or USD 1,5 billion based on a share price of Kshs. 34. The price represents a premium of 17% on the 6-month volume weighted average price of Safaricom PLC shares, which shall enable the Government to realize optimal value from its investment.
• Secure an additional upfront payment of Ksh40.2bn (approximately USD 309 million) by Vodacom Group to the Government in lieu of future dividends that will accrue to the Government on its residual 20% shareholding in Safaricom PLC.
• Mobilize non-tax revenue to support the Government in delivering priority infrastructure development in critical sectors, including Energy, Roads, Aerospace, Water, and Digital transformation; reduce reliance on debt; and expand fiscal space for development priorities.

Also Read: CS Mbadi Clarifies on Government Selling Safaricom Shares

• Elevate the role of the Government to one of policy and regulation to support commercial activities of the private sector and avoid conflict at the commercial operations level.
• Reinforce Safaricom’s competitiveness and growth trajectory through the sale of the divested stake to Vodacom Group. Vodacom currently holds approximately 40% of Safaricom PLC and has deep regional experience and a proven track record in capital investment, digital infrastructure, innovation, and financial inclusion.
• Safeguard national interest by allowing the Government to retain a strategic 20% stake and 2 seats on the board of Safaricom PLC to ensure continuity in governance and preserve Kenya’s digital heritage and innovation leadership.
• Retain Vodacom Group’s commitments, including that no redundancies shall arise from the acquisition within 3 years of the transaction; the Chairman and independent directors of Safaricom PLC shall remain Kenyans; and continued support of the Safaricom Foundation; (9) Deepen Kenya’s capital markets, enhance economic efficiency and promote Kenya’s transition to a market economy; and (10) Mitigate the risk to the Government of future dilution of Safaricom PLC shares due to capital requirements.

Also Read: How Ruto’s Govt Benefits from Sale of 15% Safaricom Stake

How to Submit Memoranda

“Now therefore, in compliance with Article 118(1)(b) of the Constitution, the Clerk of the National Assembly hereby invites the public and stakeholders, including shareholders, management, employees, customers, regulators, and interested parties, to submit memoranda on the Sessional Paper to the Departmental Committee on Finance and National Planning and the Public Debt and Privatization Committee,” reads another part of the notice.

A copy of the Sessional Paper is available at the National Assembly Table Office, Main Parliament Buildings, and on www.parliament.go.ke.

The memoranda may be forwarded to the Clerk of the National Assembly, P.O. Box 41842-00100, Nairobi; hand-delivered to the Office of the Clerk, Main Parliament Buildings, Nairobi; or emailed to cna@parliament.go.ke to be received on or before Thursday, 8th January 2026 at 5.00 p.m.

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The National Assembly has invited Kenyans to comment on the proposed sale of government Safaricom shares. PHOTO/Dailies