Kenya's "Successful" IPO Was Mostly Bought by the State

Описание: Kenya needs money. With debt, interest payments and pressure on government finances rising, raising taxes has become politically painful while borrowing is increasingly difficult. So the government is turning to its assets, selling stakes in valuable state-owned companies like Kenya Pipeline Company and Safaricom. The KPC IPO shows the problem: private investor demand was weak, forcing government-linked institutions to help make the sale succeed. This raises a bigger question: are we genuinely attracting private investment, or simply using public institutions to make privatization look successful? Kenya gets cash today, but gives up assets that could generate income for decades. That is the family silver.