President William Ruto has revealed details of negotiations that led Uganda to acquire a 21% stake in the Kenya Pipeline Company (KPC). Speaking during the launch of the Naivasha-Kisumu-Malaba Standard Gauge Railway in Kisumu County, he said Uganda’s President Yoweri Museveni initially demanded 50% of shares. Intense discussions prompted Ruto's personal intervention to reach a compromise.
President William Ruto spoke during the launch of the Naivasha-Kisumu-Malaba Standard Gauge Railway in Kisumu County on Saturday, March 21, 2026. He disclosed that Uganda’s President Yoweri Museveni initially demanded 50% of Kenya Pipeline Company (KPC) shares, while the Kenyan government holds 35%. Museveni argued that 40% of the pipeline’s transport volume goes to Uganda, justifying a larger stake. Ruto said weeks of negotiations required his direct intervention with Museveni, resulting in Uganda accepting 21%. He stated, “I want to thank you, Mzee. When you inquired about the pipeline, with the intention of Uganda wanting to acquire 50 per cent, I managed to talk to you, and we reached an agreement that we begin with a few stakes, which you accepted.” On March 4, Treasury Cabinet Secretary John Mbadi announced that Kenyans and local investors purchased 7.9 billion shares in the KPC Initial Public Offer (IPO). Of the 12.4 billion shares offered at Ksh9 each, Uganda, Rwanda, and other East African Community states acquired 3.8 billion shares, equivalent to 21.22%. The Kenyan government retains a 35% controlling stake, with local investors holding 67.32%. KPC, listed on the Nairobi Securities Exchange on March 10, ranks as the seventh most valuable stock with a market capitalisation of Ksh165 billion, or 4.7% of the NSE equity market.
