South Africa’s Vodacom to appeal ruling invalidating Safaricom stake sale
In a filing to the Johannesburg Stock Exchange, Vodacom said it will appeal the judgment at the Court of Appeal and seek orders temporarily suspending its implementation pending the appeal.
Nairobi, Kenya - South Africa's telecommunications giant Vodacom Group has announced its intention to appeal a recent High Court ruling that invalidated the Kenyan Government's sale of its 15 percent stake in Safaricom. The company filed a notice with the Johannesburg Stock Exchange (JSE) expressing its intention to appeal the judgment at the Court of Appeal (CoA) and request temporary measures to suspend the implementation of the ruling until the appeal is heard.
On Tuesday, a three-judge bench at the High Court ordered the transfer of the 15 percent stake back to the state, stating that the transaction was unconstitutional. Vodacom has stated that it will review the latest judgment handed down by the High Court on September 15, 2026, and assess its potential implications. The sale, valued at approximately Sh204 billion, has been subject to various legal challenges.
Initially, High Court Judge Lawrence Mugambi temporarily halted the transaction in March 2026 in response to a petition filed by Fredrick Ogola and Tony Gachoka, who raised concerns about issues such as data sovereignty and public participation. Subsequently, the Court of Appeal overturned the High Court's orders, allowing the sale to proceed.
Treasury Cabinet Secretary John Mbadi announced that the funds generated from the sale would be utilized to provide seed capital for the planned National Infrastructure Fund and Sovereign Wealth Fund.
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