Court Declares Safaricom Share Sale Illegal, Orders Reversal

Court declares Safaricom share sale illegal, orders reversal

The three-judge bench ruled that the transaction failed to undertake meaningful public participation

Kenyan Court Voids $1.9 Billion Safaricom Sale to Vodacom

Kenya’s High Court invalidated the government’s sale of a stake in East Africa’s biggest mobile-network operator to Vodacom Group Ltd., saying it was unconstitutional.

Null and void: Court declares sale of Safaricom illegal, unconstitutional

While ordering the shares to be restored to State ownership, the court found that the 15 per cent transaction was undertaken in violation of the Constitution.

Court Voids State Sale of Safaricom Stake to Vodacom

Kenya’s High Court has nullified the government’s sale of a 15% stake in Safaricom to Vodacom Group. A three judge bench ordered the shares returned to the state, unwinding a transaction that closed on 30 June. Justices Francis Gikonyo, Roselyne Aburili and Tabitha Ouya delivered the ruling on 15 September at the Constitutional and Human [...] The post Court Voids State Sale of Safaricom Stake to Vodacom appeared first on Khusoko - Your Gateway …

Kenyan court cancels Vodacom’s takeover of East Africa's most valuable listed company

Kenya’s High Court has cancelled Vodacom’s Safaricom deal, ruling the sale of the government’s 15% stake unconstitutional.

Kenya’s High Court voids Vodacom’s $1.5bn Safaricom takeover

The ruling could unwind one of Kenya’s biggest corporate transactions and force the government to return a stake it had already sold as part of a wider plan to raise money from state assets.