State seeks to lift orders freezing Sh204bn Safaricom stake sale

The Kenyan government has moved to the Court of Appeal seeking to lift orders that froze the sale of a 15% stake in Safaricom Plc to Vodacom Group Limited, warning that the delay threatens a multi-billion-shilling transaction and could undermine investor confidence. The Attorney General argues that the orders have stalled a time-sensitive, market-facing deal, preventing the government from closing the sale. Vodacom had prepared to wire funds to Kenya after the High Court was expected to lift the freeze on May 18, but the freeze continued. The application is set for hearing on June 29, the same day as the main suit. Treasury Cabinet Secretary John Mbadi supports the application, warning of far-reaching economic consequences.