Dangote Confirms Acquisition of 25% Stake in KPC Amid Questions

Aliko Dangote confirmed that his group acquired a 25% stake in Kenya Pipeline Company (KPC) for about Ksh42.5 billion ($327 million), but did not name the group company that made the purchase. The transaction involved 4.5 billion shares sold at between Ksh9.02 and Ksh9.36 each, according to information reported by the Nairobi Securities Exchange. The deal has raised questions about mandatory takeover rules and which public institutions sold their shares. MP Ndindi Nyoro alleges that public pension funds were urged to buy KPC shares before some were resold at a loss to a private investor, and claims the investor and investment bank had links to President William Ruto.