President William Ruto has been reversing most of the programs and policies that anchored now-retired President Uhuru Kenyatta’s legacy.
Ruto bitterly fell out with his predecessor Uhuru Kenyatta in the run-up to the hotly contested 2022 presidential election over succession politics.
In what appeared that the rift between Uhuru and Ruto is far from over, the President on Tuesday, October 3, reversed the government’s acquisition of a 60.0% stake in Telkom Kenya.
According to a Cabinet dispatch, President Ruto’s government further cleared Telkom Kenya to proceed and scout for a new strategic investor to pump in capital and support future plans for growth and expansion.
“In addressing the governance challenges posed by the nationalization of Telkom Kenya Limited in the run-up to last year’s General Election, Cabinet rescinded the decision that the Government of Kenya shall purchase from Jamhuri/Helios 60 percent of the ordinary of Telkom Kenya,
“The decision by Cabinet offers Telkom Kenya an opportunity to source and onboard another strategic investor, subject to the receipt of all regulatory approvals. Cabinet’s intervention will enhance the operational capacity of Telkom Kenya and make it a competitive player in the telecommunications market” the dispatch read in part.
This means that Helios will refund the Kenyan government KSh 6.091 billion.
“BY DINT of this decision by Cabinet, Jamhuri/Helios will refund to the Government of Kenya the amount paid as consideration for the takeover,” the notice added.
Kivumbi.co.ke understands that this is not the first program initiated by Uhuru Kenyatta to be reversed by his successor William Ruto.
Immediately after his swearing-in, President Ruto reverted clearing operations to the Port of Mombasa and reviewed the CBC curriculum.
The Head of State further announced an end to subsidies for food and fuel.
