Molo MP Kimani Kuria 
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MPs have revised the proposed Safaricom partial divestiture deal, removing the risk of redundancies among employees in the giant telco.

In its report tabled in Parliament on Tuesday, the National Assembly Committees on Finance and Public Debt made far-reaching recommendations in the deal that will see the government offset 15 per cent of its shareholding in Safaricom.

The joint committee, co-chaired by Molo MP Kimani Kuria and his Mbalambala counterpart Shurie Abdi, moved to safeguard against the job losses of hundreds of employees at the company.

Initially, the deal cushioned existing employees from layoffs for the next three years.

The report tabled by Shurie also requires the National Treasury Cabinet Secretary to ensure no material changes to the current business model in the company that would affect existing dealers, agents, and other business partners within the next ten years.

“I beg to give notice of the motion, that this House adopts the joint report of the departmental Committees on Finance and Public Debt on the consideration of Sessional Paper No. 3 of 2025 on partial divestiture of Safaricom by the Government, laid on the table of the House on March 10, and approves Sessional Paper No. 3 of 20,” Shurie said while tabling the report.

Shurie, while highlighting the report, stated that Treasury will, after obtaining all regulatory approvals of the share price agreement, complete the transaction through the block trade platform on the Nairobi Securities Exchange (NSE).

The report also recommended that upfront payments be made in lieu of future dividends, with the state set to receive Sh40 billion and Sh200 million.

The joint team further recommended that the proceeds of the divestiture be paid into the National Infrastructure Fund (NIF).

The committee also maintained that the telco will remain a Kenyan company despite the government selling part of its shares to the foreign firm Vodacom.

The government intends to offload up to 15 per cent of its 35 per cent controlling stake in the telco.

Already, the government has identified a South Africa-based company, Vodacom, as the strategic partner.