William's Ruto administration is moving ahead to privatise a stake in the lucrative Kenya Pipeline Company (KPC) in a bid to raise crucial funds as budget and development support from global institutions has taken longer than expected.
Reports from Treasury say the government plans to sell at least 60 per cent of the shareholding through an initial public offering on the Nairobi Securities Exchange (NSE), which could net more than Sh80 billion going by its valuation at the time of sale.
KPC had assets worth Sh120.7 billion in the year to June 2024, though this was a significant fall from Sh128.8 billion in 2023.
It made a profit of Sh6.87 billion last year, from Sh4.5 billion in 2023.
