Kenya's National Treasury has formally received Ksh 103.45 billion from the partial sale of Kenya Pipeline Company (KPC) shares. The Privatisation Authority of Kenya's board handed over the funds, marking a key milestone in the country's privatisation programme. Treasury Cabinet Secretary John Mbadi highlighted the government's commitment to transparency and accountability.
The Privatisation Authority of Kenya's board formally handed over a cheque for the proceeds to the National Treasury, celebrating the success of the country's first electronic Initial Public Offering (eIPO).
"We are marking another momentous event today, where our board of directors officially hands over the proceeds from the KPC IPO to the Treasury," the authority stated. "It has been a great journey that led to the success of the first ever eIPO, and we are looking to a more diverse and shareable future," it added.
Receiving the dummy cheque, Cabinet Secretary John Mbadi said it symbolised transparency and prudent management. "In the spirit of transparency, openness and accountability of public resources, I am very delighted to receive the dummy cheque representing the total proceeds of the KPC IPO deposited in the National Infrastructure Fund account," he stated.
The handover occurred hours after Treasury revoked KPC's status as a state entity via a gazette notice on April 22. The government sold a 65 per cent stake while retaining 35 per cent; Kenyans bought over 67 per cent of shares offered, with Uganda and Rwanda also participating.
The funds will go to the National Infrastructure Fund for projects including the expansion of Jomo Kenyatta International Airport, starting in June.
