Ruto unveils list of state parastatals to be sold including KICC
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Ruto Government to sell KICC and other ten state parastatals after announcing plans to privatize 35 state companies
Ruto Government to sell KICC and other ten state parastatals after announcing plans to privatize 35 state companies.
The National Treasury has unveiled the new privatization programme that will see eleven parastatals put up for sale.
The state parastatals include; the Kenyatta International Convention Centre (KICC), Kenya Literature Bureau (KLB), National Oil Corporation (NOC), Kenya Seed Company Ltd, Mwea Rice Mills, and Western Kenya Rice Mills Ltd.
Others are; Kenya Pipeline Company, New Kenya Cooperative Creameries, Kenya Vehicle Manufacturers Ltd, Rivatex East Africa Ltd, and Numerical Machining Complex.
According to the Treasury, KICC and KLB are required to be incorporated into a limited company while NOC is being put up for sale due to poor financial performance with huge losses and requires restructuring to separate upstream and downstream businesses.
The Treasury also noted that Rivatex, Kenya Vehicle Manufacturers Limited, and Numerical Machining Complex have been making losses.
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This comes days after President William Ruto announced that his government was to privatize 35 state parastatals in a move to boost productivity following a change to laws.
“We have identified the first 35 companies that we are going to offer to the private sector,” Ruto said.
The Head of State in October signed into law the Privatisation Bill, 2023 after being passed by the National Assembly in September.
The Bill removes the bureaucracy in the privatization of non-strategic or loss-making Government entities.
The Bill encourages more participation of the private sector in the economy by shifting the production and delivery of products and services from the public sector. It also provides for the establishment of the Privatisation Authority.
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