KPA among the 10 state Corporations that gov’t is to sell
Government to sell 10 state Corporations among them the Kenya Ports Authority, announced the National Treasury.
The exchequer has a total of 25 entities that are up for Privatization through State divestiture, concessions and leasing.
However, Out of the 25, 10 State corporations have already been identified and are awaiting a cabinet paper by Treasury Cabinet Secretary Prof. Njuguna Ndung’u for approval.
They include; Kenya Pipeline Company, Kenya Ports Authority, Kenya Meat Commission, Consolidated Bank and Development Bank of Kenya.
State sugar millers that include, Chemilil, Sony, Nzoia, Miwani and Muhoroni will undergo leasing in addition to that is a number of hotels where the government is a shareholder.
Notably, The government is also keen on reducing its shares in KenGen, East Africa Portland Cement and the National Bank of Kenya.
The comes after President William Ruto assented to the Privatization Bill 2023.
He stated,”I have made a commitment that between five and 10 public enterprises that are mature should be listed in the next 12 months. I expect that the private sector will work with the capital markets so that we can have private sector companies to also list at the stock exchange.”
On his part, CS Ndung’u is expected to gazette a nine-member board for the newly introduced Privatization Authority.
This will be chaired by either the President’s, Cabinet secretaries or Principal secretary’s appointee.
However, Azimio la umoja has opposed the privatization plan, by questioning its transparency.
Wandayi stated,”What will stop the new managers from repeating the same mistakes? We must deal with past historical injustices. Perpetrators of sugar industry collapse initiated economic sabotage.”
“We as Azimio vehemently oppose the Privatization of the Port of Mombasa,” Raila stated.