Safaricom responds after High Court declared sale of 15% stake null and void
Safaricom PLC issued a response after the High Court nullified the government’s divestiture of its 15 percent stake in the telecommunications company. In a statement on Tuesday night, September 15, the telco said it is currently reviewing the judgment and its implications. Safaricom noted that the matter remains subject to ongoing legal processes. “Safaricom PLC [...] The post Safaricom responds…
Safaricom PLC has responded to the High Court's decision nullifying the government's sale of its 15 percent stake in the telecommunications company. The telco announced on Tuesday night that it is currently reviewing the judgment and its implications, noting that the matter remains subject to ongoing legal processes. The court ruled that the divestiture violated the Constitution due to inadequate public participation before the transaction took place.
The government had sold its stake to Vodacom for Sh204.3 billion, violating the constitutional principle of meaningful public participation. The court ordered the restoration of the 15 percent stake to the government and canceled all related approvals and transactions.
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