Parliament has invited public submissions on Sessional Paper No. 3 of 2025, which proposes the partial divestiture of the Government of Kenya’s 15 per cent stake in Safaricom PLC to raise funds for critical infrastructure development.
The plan aims to generate about Sh204.3 billion from the share sale and an additional Sh40.2 billion upfront payment from Vodacom Group, while allowing the government to retain a 20 per cent stake and board representation to safeguard national interests.
Members of the public and stakeholders have until Thursday, January 8, 2026, at 5 pm to submit their memoranda to the National Assembly.
In a notice issued by the Clerk of the National Assembly, Parliament said the invitation is in line with Article 118(1)(b) of the Constitution, which requires Parliament to “facilitate public participation and involvement in the legislative and other business of Parliament.”
The Sessional Paper, submitted by the Cabinet Secretary for the National Treasury, 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.
Safaricom PLC, Kenya’s largest listed company, is traded on the Nairobi Securities Exchange, with a six-month volume weighted average price of about Sh27.50 per share as at December 2, 2025, translating to a market capitalization of approximately Sh1.158 trillion.
According to the statement, Section 87A of the Public Finance Management Act requires 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, transparency and accountability.
Under the proposal, the government plans to divest 6,009,814,200 shares, equivalent to 15 per cent of Safaricom PLC, while retaining 8,012,758,380 shares, or 20 per cent. The sale is expected to raise “approximately Sh204.3 billion or USD 1.5 billion based on a share price of Sh34,” representing a 17 per cent premium on the six-month average price.
In addition, the government would receive an upfront payment of Sh40.2 billion from Vodacom Group “in lieu of future dividends” on its remaining stake.
Parliament said the funds would be used to mobilize non-tax revenue to support priority infrastructure in sectors including energy, roads, aerospace, water and digital transformation, while reducing reliance on debt.
The proposal also seeks to “elevate the role of Government to one of policy and regulation” and reinforce Safaricom’s growth through increased investment by Vodacom Group.
To safeguard national interests, the government would retain a strategic 20 per cent stake and two board seats, while Vodacom’s commitments—including no redundancies for three years and retention of Kenyan leadership—would remain in force.
The Clerk of the National Assembly, S. Njoroge, urged shareholders, employees, regulators and the public to submit their views, noting that memoranda must be received by the stated deadline for consideration by Parliament.
