The government will list Kenya Pipeline Company (KPC) shares at the Nairobi Securities Exchange subject to Cabinet and parliamentary approval, President William Ruto has announced.
He said the listing of the State corporation is necessary to eliminate inefficiencies and raise the standards of governance.
If approved, KPC will join Safaricom, Kenya Electricity Generating Company (KenGen), and Kenya Commercial Bank (KBC) as some of the successful State-owned enterprises to be listed.
“While other nations in the region have moved boldly and strategically to divest and reinvigorate their economies, Kenya has not undertaken a single privatisation in over a decade,” he said.
Ruto made the remarks during the bell-ringing ceremony to mark the listing of the Linzi 003 Infrastructure Asset-Backed Security, the first of its kind in Kenya, which raised over Sh44 billion, at the NSE on Wednesday.
Proceeds from the listing will support the infrastructure development of the Talanta Sports City Stadium, Kenya’s first large-scale, international stadium project in more than 40 years.