Ruto administration list TEN State Corporations for sale after approval of privatisation bill
National Treasury earmark 25 State Corporations for privatization with ten entities set for sell
National Treasury earmark 25 State Corporations for privatization with ten entities set for sell.
The National Treasury is set to put on sale 10 state entities including the Kenya Ports Authority.
A total of 25 enterprises have been identified by the exchequer for privatization through concessions, leasing, and state divestitures.
Ten of the 25 State corporations have already been identified and are awaiting Treasury Cabinet Secretary Prof. Njuguna Ndung’u’s assent on a cabinet paper.
The state corporation set privatisation include; Kenya Pipeline Company, Kenya Ports Authority, Kenya Meat Commission, Consolidated Bank and Development Bank of Kenya.
In addition, five state sugar millers that include, Chemilil, Sony, Nzoia, Miwani and Muhoroni will undergo leasing, as well as a number of hotels where the government is a shareholder.
The government is also keen on reducing its shares in KenGen, East Africa Portland Cement and the National Bank of Kenya.
This comes just a day after President Ruto assented the Privatization Bill 2023 into an Act.
“I have made a commitment that between five and 10 public enterprises that are mature should be listed in the next 12 months. I expect that the private sector will work with the capital markets so that we can have private sector companies to also list at the stock exchange,” Ruto said then.
National Treasury CS Ndung’u is also set to gazette a nine-member board for the newly introduced Privatization Authority that will be chaired by either the President’s, CS or PS appointee.
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However, the Privatization Act 2023 is facing opposition with Azimio coalition casting doubt over the planned Privatization program, terming it a State capture that will lack Parliamentary oversight.
Minority Leader Opiyo Wandayi has since questioned the credibility and transparency of the Privatization program.
“What will stop the new managers from repeating the same mistakes? We must deal with past historical injustices. Perpetrators of sugar industry collapse initiated economic sabotage,” Wandayi posed.
“We as Azimio vehemently oppose the Privatization of the Port of Mombasa,” Azimio la Umoja leader Raila Odinga said previously.
Entities such as Kenya Airways, Uchumi Supermarkets, General Motors, Firestone and Mumias Sugar limited are among those that underwent the privatisation program in the 1990s and 2000s.
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