Safaricom Defends Government Share Sale, Urges Court to Let Process Continue

Safaricom has told the High Court to let the proposed sale of government shares proceed. The telecom firm says the process is legal, monitored by regulators, and stopping it now could shake investor confidence.

Through its lawyers, the company argued the matter is a commercial dispute already under review. Lawyer Andrew Musangi said, “How do they suddenly come under threat now? You have not been told where the threats are from.” He added that the potential investors are legitimate and the sale would not harm Safaricom’s local identity.

The telco also emphasized that Parliament’s approval is still required and public participation has taken place. Musangi noted the process would not lead to job losses. He cautioned the court against issuing orders prematurely, calling the petitioners’ move an attempt to “hook” the court into stopping the sale without proof.

The Attorney General agreed, stressing that the transaction has not started and remains at a preliminary stage.

On the other hand, petitioners led by SC Kalonzo Musyoka want the court to maintain the status quo. They warned that allowing the sale could render their challenge meaningless and risk state control of what they describe as “sovereign assets.” They asked, “We are asking for the court to give out conservatory orders to stop the government from selling the Safaricom shares.”

The case highlights a clash between commercial strategy and national interest. Safaricom insists the sale is transparent, regulated, and critical for market stability. The petitioners argue it involves state assets and public trust.

The High Court’s decision could shape confidence in Kenya’s capital markets and set a precedent for future state share sales. Investors, businesses, and government agencies are following closely, knowing the outcome will affect more than just Safaricom.

Safaricom continues to stress compliance, stability and transparency. The dispute, however, signals how sensitive state asset sales can become in Kenya’s economic and legal landscape.