NAIROBI, Kenya — The National Treasury of Kenya has received Sh103.45 billion in proceeds from the partial sale of Kenya Pipeline Company (KPC), marking a major milestone in the country’s privatisation programme.
The funds were formally handed over by the board of the Privatisation Authority of Kenya following the successful completion of Kenya’s first electronic Initial Public Offering (eIPO).
“We are marking another momentous event today, where our board of directors officially hands over the proceeds from the KPC IPO to the Treasury,” the authority said in a statement.
“It has been a great journey that led to the success of the first ever eIPO, and we are looking to a more diverse and shareable future,” it added.
Receiving the proceeds, Treasury Cabinet Secretary John Mbadi said the transaction underscores the government’s commitment to transparency and accountability in managing public resources.
“In the spirit of transparency, openness, and accountability of public resources, I am very delighted to receive the dummy cheque representing the total proceeds of the KPC IPO deposited in the National Infrastructure Fund account,” Mbadi said.
The handover comes hours after the Treasury formally revoked KPC’s designation as a National Government Entity under the Public Finance Management Act, following the conclusion of the sale.
The government offloaded a 65 P.c stake in the company, retaining 35 P.c ownership. According to officials, Kenyan investors took up over 67 P.c of the shares on offer, with additional participation from regional investors in Uganda and Rwanda.
The funds will be channelled into the National Infrastructure Fund, a financing vehicle aimed at supporting large-scale development projects across the country.
Among the priority investments is the planned expansion and modernisation of Jomo Kenyatta International Airport, with works expected to begin in June.
The KPC listing also sets a precedent for future privatisation efforts, particularly through digital platforms, as the government seeks to deepen financial inclusion and attract both local and regional investors.
While the move has been welcomed for unlocking capital, it continues to draw scrutiny over governance, pricing, and long-term control of strategic national assets.
