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.
Comments (11)
Long overdue but transparency and professional non partisan approach..sir
I can guarantee you all his cohorts with cash have already signed the deals and bought the said properties.
Sound initiative, now allow a transparent and thoroughly vetted bids and Kenyans ( with light capabilities) should get a first shot at acquisition. Looking forward for more info.
Expecting trasperency from a despot if a tall order.
Jubilee people sold Kenya to the Chinese.
Sound initiative, now allow a transparent and thoroughly vetted bidding and Kenyans ( with ligit capabilities) should get a first shot at acquisition. Looking forward for more info.
Arbitrary raising of taxes across the board, seeking to compel diaspora Kenyans to pay taxes in Kenya (while they don't live there), and now selling state corporations are all a desperate move by a broke government facing the possibility of defaulting on it's external loans. Uhuru should have righted the boat immediately he stepped into State House - it's now too late
The boy in statehouse will hand over some of the Corporations to the Chinese as payment for his borrow and squander loans he has been been signing. This is the beginning of the end Kenyans. In six years he has enslaved Kenyans to the Chinese.
May be those companies are being handed over to Chinese to settle the debt like in Zambia
I am not an economist but i can see there is something wrong somewhere in this project of privatizing the said companies to meet the budget. What will they sell next budget year and for the future budgets? Simply cut the nonsensical government expenditures. Abolish constituences and parliament or else reduce the Counties to 10.
I agree, @Mlachake. Sema debt to the eyebrows..... I hope these are not the last kicks of a dying horse. God bless Kenya!
Sell Kenya kabisa.. we have nothing no ports no tourism revenues.. this deal was already done and handed over to the Chinese under disguise of normal Kenyans. Same thing happened when Disney world was in the works. We know what time it is., Kenya soon will he bankrupt. Strategy was to buy Raila dnhush him deep into the pockets. No one can raise noise and move masses. This was true hand shake. With rotten judiciary what else is left ? Nothing but nothing else other than struggle for coming mwnanchi. The real neo colonialism is in effect. Wealth for select few. This is not what mau mau fought for. We need revolution in Kenya and let’s take over what’s stolen from us., brookside is thriving, judicial officers rooten in wealth, government officials rotten in wealth wow must be nice day light theft in broad day light.. bure kabisa