Local institutional investors have acquired shares worth Sh9.5 billion in Safaricom following the exit of domestic shareholders and foreigners; reversing the government’s objective of boosting Kenyan retail investors’ stake in the country’s most profitable firm.
Regulatory filings with the Capital Markets Authority (CMA) show that local institutional investors; including insurance firms and pension schemes bought 340.7 million shares between August 2020 and July 2022.
This followed the sale of 305.4 million shares by foreign fund managers and 37.4 million stocks by domestic investors, who have continued to exit the telecom operator since its listing in 2008.
July regulatory filings show that domestic investors, including citizens of East African countries; now hold 1.51 billion units of the telco’s stock equivalent to a 3.79 percent stake.