Kenya should open the proposed sale of the government’s 15 per cent stake in Safaricom to international bidders to secure maximum value, Kiharu Member of Parliament Ndindi Nyoro has told Parliament.
Presenting a memorandum before the joint Committee on Finance and National Planning and the Committee on Public Debt and Privatisation in Nairobi, Nyoro argued that the current structure and valuation of the transaction risk short-changing the country by tens of billions of shillings.
He said the valuation being used does not reflect Safaricom PLC’s true worth, noting that the company was valued at about KSh1.8 trillion in 2021, even before its expansion into Ethiopia.
According to Nyoro, with the Ethiopia operation now approaching operational break-even, Safaricom should be worth significantly more today, not less.
Nyoro also raised concerns over what he described as market-distorting actions, pointing to the immobilisation of 16 billion Safaricom shares in June 2025 owned by the prospective buyer.
He argued that the move sent a signal of imminent share supply, which may have exerted downward pressure on the share price ahead of the proposed sale.
In his submission, the legislator warned that Kenya stands to lose more than KSh80 billion due to conditions precedent that have been extended by regulators, further weakening the country’s negotiating position.
Nyoro insisted that limiting the transaction to a single strategic buyer undermines competition and transparency. “Kenya must open up the transaction to international bidders,” he said, adding that a global bidding process would better reflect Safaricom’s intrinsic value and attract premium pricing.
He concluded that opening the bid to international markets would not only enhance credibility but also guarantee higher proceeds for the Exchequer, funds that could be redirected to priority development projects.
