The government will list Kenya Pipeline Company (KPC) shares at the Nairobi Securities Exchange subject to Cabinet and parliamentary approval, President William Ruto has announced.
He said the listing of the State corporation is necessary to eliminate inefficiencies and raise the standards of governance.
If approved, KPC will join Safaricom, Kenya Electricity Generating Company (KenGen), and Kenya Commercial Bank (KBC) as some of the successful State-owned enterprises to be listed.
“While other nations in the region have moved boldly and strategically to divest and reinvigorate their economies, Kenya has not undertaken a single privatisation in over a decade,” he said.
Ruto made the remarks during the bell-ringing ceremony to mark the listing of the Linzi 003 Infrastructure Asset-Backed Security, the first of its kind in Kenya, which raised over Sh44 billion, at the NSE on Wednesday.
Proceeds from the listing will support the infrastructure development of the Talanta Sports City Stadium, Kenya’s first large-scale, international stadium project in more than 40 years.
“This modern, world-class complex is designed to host global tournaments, foster local talent, and restore Kenya’s reputation as a sporting powerhouse,” he said.
The bond was issued by Linzi Finsco 003 Trust, a subsidiary of Liaison Group, a leading financial services organisation specialising in risk and insurance and pensions administration.
The President pointed out that the strong recovery of the NSE, with market capitalisation now at KSh2.5 trillion, reflects the soundness and consistency of his government’s economic policies.
On Wednesday, Ruto said local and international investors are looking at Kenya with fresh optimism and renewed trust.
“Two weeks ago, during my visit to London, where four global giants – Lloyd’s of London, Bupa International, Africa Speciality Risk, and Africa Finance Corporation – signed their way into Kenya,” he said.
He reaffirmed his commitment to fulfilling all the pledges he made to Kenyans during the election campaigns for 2022 elections as outlined in the Kenya Kwanza manifesto.
“The pledges I made to Kenyans are being realised one by one, day by day, pledge by pledge. And I remain committed to fulfilling every single one of them,” he said.
He pointed out that the economy is stabilising and growing as shown by key economic indicators, including low inflation, stable shilling, and increasing foreign exchange reserves.
As a result, Ruto explained that Kenya is now ranked the sixth largest economy in Africa, up from eight two years ago.
He dismissed critics who accuse him of overpromising and taking on too many challenges at once, saying it is an intentional move to match our leadership with our national ambition.
“The critics may say I am wrong. The cynics may say I am lying. And the naysayers may even say I am mad. But what if they are all wrong – and they are.”
Present at the function were Cabinet Secretaries John Mbadi (National Treasury) and Soipan Tuya (Defence), NSE Chairman Kiprono Kittony, Liaison Group CEO Tom Mulwa, and key players in the capital markets.
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