President Uhuru Administration to Sell 26 State-owned Companies

President Kenyatta's administration is set to sell 26 state-owned companies in order to raise funds for the current budget.

The Star reports that the move has already received approval from the Kenya's Privatisation Commission.

The commission, under the Privatisation Act, 2005 will sell 26 poorly performing corporations in a bid to cut down government expenditure.

Among state corporations targeted in the sale include National Bank of Kenya (NBK), Consolidated Bank of Kenya (CBK), Kenya Meat Commission (KMC), Development Bank of Kenya and East African Portland Cement.

Others are Kenya Electricity Generating Company (Kengen), Kenya Pipeline Corporation (KPC), Kenya Ports Authority (KPA) and five state-owned sugar millers; Chemilil, Sony, Nzoia, Miwani and Muhoroni.

Also in the list is Agrochemical and Food Corporation, New Kenya Co-operative Creameries, Numerical Machining Complex and Isolated Power stations as well as government hotels; Kabarnet Hotel, Mt Elgon Lodge Ltd, Golf Hotel Ltd, Sunset Hotel Ltd and Kenya Safari Lodges and Hotels Ltd.

Others are Kenya Tourism Development Corporation-associated companies including International Hotels Kenya Ltd, Kenya Hotels Properties Ltd, Mountain Lodge Ltd and Ark Ltd.

Kenya has 262 state corporations and agencies but the government seeks to reduce them to 187 by merging them to eliminate duplication.