Business

Kenyan High Court Rules Government Sale of 15% Stake in Safaricom Unconstitutional

AI SUMMARY

The Kenyan High Court has ruled the government's sale of a 15 percent stake in Safaricom to Vodacom unconstitutional and annulled the agreement.

The Kenyan High Court ruled that the government's sale of a 15 percent stake in Safaricom was unconstitutional.
The court fully annulled the agreement regarding the share sale.
The government failed to conduct meaningful public participation prior to executing the sale.
The government did not publicly disclose the buyer at the time of the transaction.
The 15 percent stake was sold to South Africa's Vodacom for 1.5 billion dollars.
The transaction increased Vodacom's stake in Safaricom from 40 percent to 55 percent.