Ruto tells critics to keep petty politics off Dangote’s KPC stake

President William Ruto has urged critics to refrain from targeting private investors like Aliko Dangote for their investments in Kenya Pipeline Company (KPC). During a church service in Mwingi, Ruto defended the government's decision to attract foreign capital and accused brokers and "Shylocks" of profiting from short-term deals at the expense of the public.

The government priced KPC shares at Ksh9 during an IPO to ensure Kenyans received better value from the sale, as opposed to intermediaries who hoped to acquire shares at Ksh5 and later sell them to Dangote at KSh10. Dangote confirmed the acquisition of 4.5 billion KPC shares for approximately Ksh42.5 billion during the Financial Times Africa Summit in London.

The Kenyan government retains a 35 per cent stake in KPC, with Uganda National Oil Company holding about 20.15 per cent.

Brief written by urgent.news from People Daily Kenya's own syndicated text. Machine-written — may contain errors; check the original before relying on it.