How Cabinet Cancels Ksh.6B Telkom Kenya Buyout Deal, Demands Refund
Cabinet Cancels Ksh.6B Telkom Kenya Buyout Deal, Demands Refund
The Cabinet has announced a decision to cancel the government’s purchase of a 60 per cent stake at Telkom Kenya valued at slightly over Ksh.6 billion.
The Cabinet, in a despatch to newsrooms after a meeting chaired by President William Ruto, stated that the government will now be seeking a refund of the said amount from Jamhuri Holdings and Helios Investment Limited for the buyout deal.
“In addressing the governance challenges posed by the nationalization of Telkom Kenya Limited in the run-up to last year’s General Election, Cabinet rescinded the decision that the Government of Kenya shall purchase from Jamhuri/Helios sixty per cent (60%) of the ordinary shares of Telkom Kenya,” read the Cabinet despatch.
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