High Court nullifies sale of 15% Safaricom stake to Vodacom
Kenya’s High Court has declared the sale of a 15 per cent stake in Safaricom to South Africa’s Vodacom Group null and void, ruling that the transaction contravened the Constitution and the law. A three-judge bench found that the government failed to undertake meaningful public participation before proceeding with the divestiture. The court ordered the [...] The post High Court nullifies sale of…
Kenya's High Court has annulled the sale of a 15% stake in Safaricom to Vodacom Group, stating the transaction breached constitutional and legal standards. A panel of three judges determined that the government had not adequately consulted the public before initiating the divestiture. Consequently, the court has ordered the return of the 15% shares.
The ruling challenges a deal valued at approximately $1.6 billion, which would have raised Vodacom's stake in Safaricom to 55%. This move aims to generate revenue for the government through the sale of state assets. The decision raises questions about the government's handling of public assets and the legal procedures for selling state shares.
This follows earlier legal contests to the proposed transaction. Earlier this year, the Court of Appeal temporarily lifted its own orders blocking the sale, adding to the ambiguity surrounding the deal. The government and Vodacom are now likely to explore their legal avenues as the ramifications of the High Court's ruling become apparent.
Written by urgent.news from KahawaTungu's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Court quashes planned sale of 15pc govt stake in Safaricom capitalfm.africa
- Court declares sale of Safaricom shares to Vodacom unconstitutional peopledaily.digital
- Null and void: Court declares sale of Safaricom illegal, unconstitutional standardmedia.co.ke
