State owned enterprises

EconomyNews

Ruto cuts Privatisation Commission budget ahead of parastatal fire sale

Privatization Commission CEO Joseph Koskey says it will cost Kenya about Kes1.3 billion to privatize three parastatals a pointer the country may need three times as much resources to sell the 10 state companies earmarked for privatization. The privatization boss said the costs, including transaction advisory, stakeholder engagements, legal expenses, general consultancy and PR consultancy, branding have been estimated based on the cost of privatizing Safaricom at Kes1.09 billion and Kengen at Kes423.8 million. He, however, said the government has not allocated the commission the funds for the privatization process indicating President William Ruto may not be keen on using the commission to transact the…

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