Kenya to Receive Over Sh200 Billion from Safaricom Stake Sale

National Treasury Cabinet Secretary John Mbadi said the proceeds will be deposited into the National Infrastructure Fund held at the Central Bank of Kenya. "I am very confident that on Friday we'll have the money in our accounts," Mbadi said.

Background to the Transaction The transaction follows a Court of Appeal decision earlier this week that lifted conservatory orders blocking the sale. Following the transaction, Vodafone Kenya Limited, a subsidiary of Vodacom, increased its shareholding in Safaricom to 55 percent.

The government's stake dropped to 20 percent from 35 percent, while public investors continue to hold the remaining 25 percent.

Mbadi said the National Infrastructure Fund already holds about Sh103 billion from the Kenya Pipeline Company initial public offering. The government has said the Safaricom sale proceeds will be used to capitalize the fund, which is expected to finance major infrastructure projects across the country.