Government addresses sale of Standard Media to Rwandan company
The Capital Markets Authority (CMA) has denied reports on the sale of Standard Media Group to a Rwandan company
The Capital Markets Authority (CMA) has denied reports on the sale of Standard Media Group to a Rwandan company.
Following the reports that emerged on Wednesday, January 8, the government regulatory body flagged the statement on the sale as fake.
Therefore, Kenyans were advised to ignore the fake statement adding that no such sale had been approved.
The fake statement alleged that the majority of the shares of the media house based along Mombasa Road had been sold to Crystal Ventures.
“The company, headquartered in Kigali, Rwanda has successfully acquired a majority stake in Standard Group PLC, subject to applicable regulatory approvals and disclosure to stakeholders,” read the fake poster in part.
“This transaction highlights the growing appeal of Kenya’s capital markets to regional investment and underscores confidence in the media and communications sector,”
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Notably, the fake statement on the sale of the media house emerged amidst tough economic challenges facing Standard Media Group and other media houses.
In recent years, the media house has undertaken mass layoffs owing to the tough economic times that have seen revenue streams for media houses go down.
In July 2024, the media house announced plans to reduce its workforce by over 300.
“In reaching this decision, we took into consideration, the difficult operating environment and its long-drawn effect on revenue generation,” the media house explained.
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