Govt Halts 60% Acquisition of Telkom Kenya Stake

The government has halted Jamhuri/Helios’ bid for a 60% interest in Telkom Kenya.

This means Jamhuri/Helios will reimburse the state for the purchase price.

According to a Cabinet Dispatch issued on Tuesday, the decision will provide Telkom Kenya with an opportunity to identify and onboard another strategic investor, subject to all regulatory approvals.

“Cabinet’s interventions will enhance the operational capacity of Telkom Kenya and make it a competitive player in the telecommunications market,” read the dispatch.

Former President Uhuru Kenyatta’s regime paid Helios Investors LLP a total of Sh6.2 billion last year through Jamhuri Holding Ltd. (JHL), its Special Purpose Vehicle (SPV).

The agreement, however, had not been authorized by the National Assembly.