Kenya’s government authorizes the sale of its stakes in six publicly traded firms

According to President William Ruto’s office, the Kenyan cabinet has accepted a government proposal to sell shares it owns in six listed companies, including the nation’s stock exchange and a cement manufacturer.

According to a statement released by Ruto’s office late on Tuesday, the government will sell the shares it owns in East African Portland Cement (PORT.NR), open a new tab, and sell off its shares in Nairobi Securities Exchange (NSE.NR), HF Group (HFCK.NR), Stanbic Holdings (SBIC.NR), Liberty Kenya Holdings (LBTY.NR), and Eveready East Africa (EVRD.NR), a company that makes batteries.

The National Social Security Fund owns 27% of East African Portland, while the government owns a direct 25.3% share. The government holds 1.1% of Stanbic Holdings, 0.9% of Liberty Kenya Holdings, 2.41% of HF Group, 3.36% of Nairobi Securities Exchange, and 17.2% of Eveready.

This action is in line with government intentions to sell off stakes in further state-owned businesses. After passing a bill in October to provide guidelines for the process, Ruto said in November that the government intended to privatize 35 state-owned businesses.

But in December of last year, the opposition party filed a lawsuit to oppose the plan, arguing that some of the enterprises being sold had vital national interest and should only be sold with public approval. As a result, the plan encountered difficulties.