4 Companies ‘Up for Grabs’ in Privatization Drive – CS Kuria Announces

Trade and Investments Cabinet Secretary Moses Kuria, in an effort to woo investors, listed some of the entities the government is set to surrender its stakes in as part of a privatization drive.

Kuria on Tuesday, April 25 talked up the government’s plan to stimulate the capital markets by listing several major companies and parastatals on the Nairobi Stock Exchange (NSE), telling investors that they were ‘up for grabs’

Among them are vehicle manufacturer Isuzu East Africa. The Kenya Development Corporation (KDC) had earlier this year confirmed the government’s plan to offload a 20% stake in Isuzu.

Others named by Kuria are stakes in Coca Cola’s bottling subsidiary CCBA, power generation giant KenGen and the Geothermal Development Corporation (GDC). President William Ruto had previously stated that the government would list ten companies on the NSE.

Kuria spoke at the US-Kenya business roadshow in New York City, a forum bringing together investors from the United States and Kenya, as well as government officials and representatives of various organizations. Participants included the NBA, Mastercard, Copia Global, Equity Bank, The Children’s Place, and PVH, which is behind clothing brands like Calvin Klein and Tommy Hilfiger.

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Among those in attendance were Meg Whitman, the US Ambassador to Kenya. Kuria encouraged investors in the US to tap into the opportunities available in Kenya, highlighting the privatization push.

Following the roadshow, Whitman announced six new Prosper Africa (a US government initiative) co-investments with Kenyan and American apparel companies valued at $55 million. These new co-investments build on 14 deals announced by Kenyan President William Ruto at the American Chamber of Commerce Summit (AMCHAM) in March in Nairobi.

“Prosper Africa is proud to connect U.S. buyers with African suppliers and drive U.S. investment into Kenya and countries across Africa,” said Prosper Africa Acting Coordinator Scott Cameron. “Together, we are creating jobs and fostering shared prosperity on both sides of the Atlantic.”

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