Legal hitch stalls sale of State’s 43pc stake in the Viceroy maker

The sale of the government's 43.77 percent stake in Kwal Holdings East Africa Limited is stalled due to conflicts between the Privatisation Act and the Public Finance Management Act. While the amended Privatisation Act exempts firms where the government is a minority owner from certain approvals, the PFM Act requires Treasury and Cabinet approval. The value of the stake has decreased from Sh4.1 billion to Sh3.3 billion due to delays in the sale.