Treasury receives Ksh 103billion from sale of Kenya Pipeline Company (KPC)
The National Treasury has officially received Ksh103.45 billion, proceeds from the partial sale of the Kenya Pipeline Company (KPC).
The National Treasury has officially received Ksh103.45 billion, proceeds from the partial sale of the Kenya Pipeline Company (KPC).
The funds were formally handed over by the Privatisation Authority of Kenya’s board to mark a major milestone in Kenya’s privatisation programme.
“We are marking another momentous event today, where our board of directors officially hands over the proceeds from the KPC IPO to the Treasury,” the authority stated.
“It has been a great journey that led to the success of the first ever eIPO, and we are looking to a more diverse and shareable future,” it added.
The partial sale of KPC shares marked the country’s first-ever electronic Initial Public Offering (eIPO), with the authority stating that the eIPO opened the door for a more diverse ownership structure of state assets.
Receiving the cheque, CS John Mbadi said the handover symbolised the government’s commitment to transparency, openness, and prudent management of public resources.
“In the spirit of transparency, opennes and accountability of public resources, I am very delighted to receive the dummy cheque representing the total proceeds of the KPC IPO deposited in the National Infrastructure Fund account,” he stated.
The handover came hours after the treasury officially stripped KPC of its status as a state entity after the conclusion of the partial sale.
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CS Mbadi revokes Kenya Pipeline Company (KPC) status as a government parastatal
Treasury Cabinet Secretary John Mbadi, through a gazette notice on Wednesday, April 22, formally revoked KPC’s designation as a National Government Entity under the Public Finance Management Act, Cap. 412A.
“IN EXERCISE of the powers conferred by section 4 (1) of the Public Finance Management Act, as read with regulation 211 (7) of the Public Finance Management (National Government) Regulations, the Cabinet Secretary for the National Treasury revokes the declaration of Kenya Pipeline Company as a National Government Entity as declared under Schedule II of the Declaration of the National Government Entities,” declared the notice in part.
The government sold a 65 per cent stake of the company in efforts to raise money to finance key government projects, mainly infrastructure.
The Kenyan government retained a 35 per cent stake, and Kenyans purchased over 67 per cent of the stake that was on sale, with Uganda and Rwanda also stepping in to purchase stakes.
The funds will now be channelled to the National Infrastructure Fund (NIF), a government tool to move the country from a third-world state to a first-world economy.
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