The government is in talks with Jamhuri/Helios to transfer its 60 percent stake at
This is after the state rescinded its earlier plan to buy the stake by amending the transaction to allow another private investor to takeover.
Subsequently, ICA was picked to control a majority stake at the telco based on the offer submitted, which is subject to regulatory approvals.
"In order to complete the process of onboarding ICA, GoK will work with Jamhuri/Helios to transfer their 60% shareholding directly to ICA, this process will inevitably require rescinding of the transaction documents already signed between GoK and Jamhuri/Helios, among other necessary actions," Treasury Cabinet Secretary
In the deal, ICA will inject capital to fund
The National Treasury, on the other hand, will play as a minority shareholder and consume the services.
"Further, GoK as a critical stakeholder will pursue the actualization of regulatory reforms that are necessary to correct the structural imbalance in the telecommunications industry for the benefit of all stakeholders, key of whom is the public as a consumer."
In 2022, the government agreed to buy a 60 percent shareholding in
It follows an approval by the
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