The cabinet canceled the government purchase of a 60% Telkom Kenya share from Helios.
Kenya orders 10% budget cuts, rescinds Telkom Kenya deal with Helios.
The cabinet also rescinded a government purchase of 60% of shares in Telkom Kenya from London-based private equity firm Helios, the presidency said, escalating a row that erupted after a presidential election in August last year.
The decision seeks to reverse a deal struck in the last months of President Uhuru Kenyatta’s administration, which nationalised the telecoms operator for a price of 6 billion shillings ($40.43 million).
Ruto government cancels Sh6bn Telkom buyout deal with Helios.
Cabinet rescinded the July 2022 decision which saw Helios paid Sh6.091 billion following its exit from the struggling telecommunications company.
Helios, through its special purpose vehicle, Jamhuri Holdings, exited its investment in Telkom Kenya in July 2022.