Government set to sell KICC, Kenya pipeline and 9 other parastatals.
News just in is that the government Government set to sell Some of the reknown parastatals that have been in Kenya for years.
Kenya Literature Bureau (KLB), Kenyatta International Convention Centre (KICC), National Oil Corporation (NOC), Kenya Seed Company Limited, Mwea Rice Mills, and Western Kenya Rice Mills Limited.
Other companies that the government is looking to sell include; Kenya Pipeline Company, New Kenya Cooperative Creameries, Kenya Vehicle Manufacturers Limited, Rivatex East Africa Limited, and Numerical Machining Complex.
The government cited that some corporation such as the Kenya Literature Bureau and KICC were being sold because the two need to be incorporated into limited companies.
National oil company is being taken into the private sector because they recorded huge losses, negative working capital and low liquidity.
Kenya Seed Company which is headed by the former Kirinyaga Woman Representative Purity Ngirici, was profiled as a profitable and mature industry that was ready to be sold to the private sector as well as Mwea, Western Kenya rice mills, and Kenya Vehicle Manufacturers Limited.
The government also outlined that Kenya Cooperative Creameries suffers the same fate because the company has huge potential, and it had already exhibited cyclical performance.
Rivatex was profiled as a loss-making company that relied on the government of Kenya for recurrent and development budget support.
Notably, Kenya pipeline is being sold to break the monopoly and lack of competition in the market; They also need to reduce the need for Government of Kenya (GOK) funding.
Also read Crowd chanting ‘Ruto must go’ in Baringo ignites a debate on the socials