Safaricom’s largest shareholder, Vodafone, is set to sell 35 per cent of its stake for Sh. 266 billion.
The company, which owns a 40 per cent stake in Safaricom, will sell the stake to its South African subsidiary Vodacom.
It will retain a 5 per cent stake only. However, the deal will see the firm raise its stake in Vodacom from 65 per cent to 70 per cent.
“The agreement Vodafone Group has reached with the Government of Kenya will ensure Safaricom continues to have strong Kenyan representation at Board and Management levels,” said Safaricom chief executive, Mr Bob Collymore, in statement.
The Kenyan government owns a 35 per cent stake in Safaricom.