Kenya’s President William Ruto has signed the Privatisation Bill, 2023, into law.
The ceremony took place at the State House in Nairobi on Monday.
The Bill, introduced in the National Assembly by the Leader of the Majority Party, Kimani Ichung’wah, provides for the formation of the Privatisation Authority.
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Mr Ichung’wah pointed out that the Cabinet Secretary is tasked with developing the privatisation strategy under the Bill.
“The privatisation programme shall be submitted to and approved by Cabinet. The role of the National Assembly shall be to ratify the programme,” said Ichung’wah.
Privatisation shall now be accomplished by an initial public offering of shares, a public tender sale of shares, a sale arising from exercising pre-emptive rights, or any other mechanism determined by the Cabinet.
The profits from the sale of a direct National Government shareholding are to be deposited into the Consolidated Fund, according to the Bill.
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