Kenya: Government Plans New Share Deal With Helios Investment Partners in Telkom Sale
A new shareholding agreement between the government and Helios Investment Partners will be ready by the end of the year, paving the way for France Télécom to exit from Telkom Kenya.
The National Treasury Cabinet Secretary Henry Rotich told Nation on Wednesday that the deal will usher in a new board that will restructure the telco's top management.
"We need top managers with a clear strategy for the company. As Telkom Kenya ownership changes by January, we should expect fresh leadership," said Mr Rotich.
Some other changes expected include the axing of 600 employees out of the current 1,623, to cut costs.
The government plans to buy back 12 million shares, equivalent to 10 per cent in Telkom Kenya, raising its total shareholding to 40 per cent and effectively recovering its stake that was lost in a controversial cash call held two years ago.
Source: Daily Nation 10 December 2015