20 December, 2007

Safaricom IPO Set To Go!

Breaking News -The Kenyan Court of Appeal has today in a court ruling delivered by Justice Emmanuel Okubasu,Justice Erastus Githinji and Justice Onyango Otieno declined an application fronted by the opposition to forestall the sale of Kenya's most biggest Company and communication giant Safaricom!It is now hoped that the shares will be offered anytime next week before the General elections on December 27th .

The current establishment has for long sought to publicly sale the shares of the telecommunication giant however members of the opposition have alleged that there currently is no sufficient legal framework available to sanction the sale (the opposition have been pushing for the coming into force of the Privatization Act passed in 2005 to come into force.The same has not been gazetted for it to take effect) and that the hurried sale by the current regime is malicious and a tittered with corruption. The Court of appeal in unprecedented move claimed that it has no jurisdiction in the issue(if the Kenyan Court of Appeal lacks Jurisdiction then who does?).I do not want to fault the Judgment having not had the opportunity to scrutinize it!But i hope that the learned justices acted uberimae fidei (in utmost good faith) and looked keenly and sufficiently at all the legal parameters.

Seeing this latest development,no doubt ,for the Kenyan populace,its going to be a tough year with the festive season,elections,new year, fees... etc but if the IPO is under "microwave speed" sold to the public through the Nairobi Stock Exchange(NSE) make sure you buy some!

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