|
COMPANY |
YEAR |
METHOD OF PRIVATIZATION |
PUBLIC SHARE BEFORE (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
1. |
Kenya Electricity Generating Company |
2006 |
IPO |
100 |
70 |
Energy |
2. |
Telkom Kenya |
2007 |
Strategic Sale |
100 |
49 |
Telecommunication |
3. |
Kenya Railways Corporation |
2006 |
Concessioning |
100 |
100 |
Transport |
4. |
Mumias Sugar Company 2nd Offer |
2006 |
IPO |
38.4 |
20 |
Manufacturing |
5. |
Safaricom |
2008 |
IPO |
60 |
35 |
Telecommunication |
6. |
Kenya Reinsurance Corporation |
2007 |
IPO |
100 |
60 |
Insurance |
B. RECEIVERSHIPS
|
COMPANY |
YEAR |
PUBLIC SHARE BEFORE (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
BUYER |
PROCEED (Kshs) |
1. |
Nairobi Oil Products Ltd |
1992 |
29 |
0 |
Oil Recycling |
Various Individuals |
8,750,000 |
2. |
Tiger Shoes Ltd |
1993 |
16.7 |
0 |
Leather |
Lento Agencies Ltd |
9,000,000 |
3. |
Yuken Textiles Ltd |
1993 |
100 |
0 |
Textile |
Yuken Mills Ltd |
14,000,000 |
4. |
Sirikwa Hotel Ltd |
1993 |
21 |
0 |
Tourism |
Akamba Invest. Ltd |
70,000,000 |
5. |
Kenya Drilling Co. ltd |
1993 |
100 |
0 |
Services |
Kentco Taxis Ltd |
21,700,000 |
6. |
Kisumu Cotton Mills Ltd |
1993 |
80 |
0 |
Textiles |
Caneland Ltd |
174,961,000 |
7. |
Seracoating Kenya Ltd |
1994 |
34 |
0 |
Plastic |
Local shareholders |
82,000,000 |
8. |
Pan Vegetable Processors Ltd |
1993 |
100 |
0 |
Agri-Processing |
Homegrown (K) Ltd |
95,000,000 |
9. |
Kenya Taitex Mills Ltd |
1995 |
81 |
0 |
Textiles |
Kifaru Mills Ltd |
81,000,000 |
10. |
Kenya Furfural Co. Ltd |
1995 |
51 |
0 |
Chemic al |
Various Shareholders |
55,800,000 |
11. |
Kenya Engineering Industries Ltd |
1995 |
50 |
0 |
Engineering |
Ashut Engineers Ltd |
52,505,555 |
12. |
Synthetic Fibres Kenya Ltd |
1995 |
100 |
0 |
Textile |
Sunrise Textile Mills Ltd |
50,000,000 |
13. |
East African Fine Spinners Ltd |
1995 |
74 |
0 |
Textile |
Bedi Invest. Ltd |
282,000,000 |
14. |
Kenatco Taxis Ltd |
1996 |
100 |
0 |
Transport |
- |
|
*This figure will increase by the value of Inventories.
C. PRE-EMPTIVE RIGHTS
|
COMPANY |
YEAR |
PUBLIC SHARE BEFORE (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
BUYER |
PROCEED (Kshs) |
1. |
Tea Hotel Kericho* |
1991 |
60 |
0 |
Hotel & Tourism |
Sololo Invest. Ltd |
15,000,000 |
2. |
Highland Paper Mills Ltd |
1992 |
17 |
0 |
Pulp & Paper |
Shareholders |
875,000 |
3. |
Y-Fashions |
1992 |
75 |
0 |
Textiles |
Shareholders |
4,000,000 |
4. |
Panafric Hotel Ltd |
1993 |
31 |
0 |
Hotel & Tourism |
Sarova Hotels ltd |
63,855,000 |
5. |
Robinson Baobab Hotel |
1993 |
10 |
0 |
Hotel & Tourism |
Robinson Hotels Intl |
50,234,274 |
6. |
Avon Marketing Ltd |
1993 |
18 |
0 |
Services |
Existing Shareholders |
8,078,400 |
7. |
Avon Rubber Co. ltd |
1993 |
20 |
0 |
Rubber |
Existing Shareholders |
11,949,470 |
8. |
Avon Export Ltd |
1993 |
14 |
0 |
Services |
Existing Shareholders |
55,000 |
9. |
Nestle Foods (K) Ltd |
1993 |
13 |
0 |
Food & Beverages |
Nestle S. A of Switzerland |
18,347,750 |
10. |
Pollmans Tours & Safaris Ltd |
1993 |
49 |
0 |
Tourism |
Touristik Union Intl. |
25,024,895 |
11. |
Salt Manufacturers Kenya Ltd |
1993 |
56 |
0 |
Chemical |
Saltec International |
43,922,724 |
12. |
Kenchick |
1993 |
12 |
0 |
Poultry |
NAS Airport Services, Credit Finance Corp |
4,600,000 |
13. |
Firestone (EA) Ltd |
1994 |
20 |
0 |
Rubber |
Sameer Invest. Ltd |
100,000,000 |
14. |
Chloride Exide (K) Ltd |
1994 |
18 |
0 |
Services |
NAS Holdings Ltd |
5,154,125 |
15. |
Associated Battery Manuf. Ltd |
1994 |
20 |
0 |
Automobile |
NAS Holdings Ltd |
28,141,200 |
16. |
Kenya Fishnet Industries Ltd |
1994 |
43 |
0 |
Textile |
Afro Meat Co. Ltd |
2,418,750 |
17. |
CPC Industrial Products Ltd |
1994 |
18 |
0 |
Agri-Processing |
CPC International |
29,523,530 |
18 |
Kenya Cashewnuts Ltd |
1994 |
76 |
0 |
Agri-Processing |
Kilifi District |
78,023,446 |
19. |
African Marine and General Engineering Co. Ltd |
1994 |
33 |
0 |
Engineering |
First Chartered Securities Ltd |
30,712,500 |
20. |
Sanyo Armco Ltd |
1995 |
34 |
0 |
Electronics |
i)Former Employees
ii)Sanyo Electric company of Japan |
2,251,080 |
21 |
Booth Manufacturing (A) Ltd |
1995 |
29 |
0 |
Engineering |
Kenya Aluminum Industries Ltd |
9,993,060 |
22 |
Wire Products Ltd |
1995 |
30 |
0 |
Engineering |
Industrial Promotion |
8,336,250 |
|
|
|
|
|
|
Services |
|
23. |
Carnaud Metal Box Ltd |
1995 |
19 |
0 |
Packaging |
C.M.B of UK |
39,188,000 |
24. |
Kenya Bixa Ltd |
1995 |
51 |
0 |
Food & Beverage |
Kenya Plantations and Products |
35,598,000 |
25. |
Sokoro Fireboard Ltd |
1995 |
26 |
0 |
Timber |
Other shareholders |
22,007,700 |
26. |
Embu Hotel Limited |
1995 |
29 |
0 |
Tourism |
Other shareholders |
3,117,690 |
27. |
Kenya Bowling Centres |
1995 |
26 |
0 |
Entertainment |
Other shareholders |
3,220,000 |
28 |
Lion Hill Camp |
1995 |
30 |
0 |
Hotel & Tourism |
Sarova Hotels Ltd |
14,500,000 |
29 |
Kenya Fruit Processors Ltd |
1995 |
35 |
0 |
Agri-processing |
Passi Limited |
8,545,000 |
30 |
NAS Airport Services Ltd |
1995 |
27 |
0 |
Services |
Other shareholders |
62,920,000 |
31. |
Elson Plastics |
1995 |
17 |
0 |
Plastic |
Other shareholders |
|
32. |
Associated Vehicle Assemblers |
1996 |
51 |
0 |
Vehicle Assembly |
Kenya Motor Handling Co. Ltd & Marshalls (EA) Ltd |
154,336,000* |
33. |
Wananchi Sawmills Ltd |
1996 |
45 |
0 |
Saw Milling |
Other shareholders |
15,444,707 |
34. |
Brollo Kenya Limited |
1996 |
10 |
0 |
Steel Rolling |
Zambezi Establishment |
35,666,631 |
35. |
Kenya shipping Agency Limited |
1996 |
80 |
0 |
Transport |
Southern Credit Finance Limited |
38,416,000 |
36. |
Kenya Industrial Plastic Ltd |
1996 |
33.3 |
0 |
Plastic |
Carmel Chemicals |
4,224,438* |
37. |
Raymond Woolen Mills |
1996 |
11 |
0 |
Textile |
Other shareholders |
94,023,438 |
38. |
Kenya National Properties |
1997 |
34.1 |
0 |
Real Estate |
ICDC Investment Co. |
124,850,000 |
39. |
Polysynthetic E.A |
1997 |
30 |
0 |
Chemical |
Hoechst E.A |
50,289,030 |
40. |
Dawa Pharmaceuticals |
1997 |
40 |
0 |
Pharmaceuticals |
Other shareholders |
4,988,282 |
41. |
General Motors |
1997 |
51 |
20 |
Motor Vehicle |
Other shareholders |
333,492,750 |
42. |
Minet –ICDC Insurance Brokers Ltd |
1997 |
47 |
26 |
Insurance |
Other shareholders |
21,275,880 |
43. |
East African Industries (EAI) |
1997 |
29 |
20 |
|
Other shareholders |
200,214,974.85 |
44. |
Eveready Batteries Kenya Ltd |
1997 |
24.87 |
20.87 |
Battery |
Other shareholders |
23,041,200 |
45. |
Milimani Hotel Limited |
1997 |
49.12 |
0 |
Hotel Industry |
Other shareholders |
80,010,000 |
46. |
Warehousing & Forwarding Company |
1997 |
25 |
0 |
Clearing & Forwarding |
Other shareholders |
2,437,360 |
47. |
Kenya National Shipping Lines Ltd |
1997 |
70 |
45.12 |
Shipping |
Mediterranean Shipping Company |
- |
48. |
Infusion Kenya Limited |
1997 |
13 |
0 |
Pharmaceutical |
Ever Investment Co. |
8,000,000 |
49. |
Stanbic Kenya Limited |
1997 |
40 |
23 |
Banking |
Sinclair (SBIC) |
Share dilution |
50. |
Maralal Lodge |
1997 |
|
|
Tourism |
Other Shareholders |
- |
51. |
Kenya Vehicle Manufacturers Ltd |
1997 |
35 |
0 |
Automobile |
Other Shareholders |
57,750,000 |
52. |
Kisii Bottlers Limited |
1997 |
26.1 |
Bottling |
|
Other shareholders |
23,848,470 |
*Price still under negotiation (this is the offer price)
**Pre-programme transactions
D. PUBLIC FLOATATIONS
|
COMPANY |
YEAR |
PUBLIC SHARE BEFORE (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
BUYER |
PROCEED (Kshs) |
1. |
Bamburi Portland Cement Co. Ltd.** |
1991 |
26 |
|
Mining |
NSSF |
- |
2. |
E.A. Oxygen Ltd |
1993 |
15 |
0 |
Chemical |
Various Investors |
42,472,080 |
3. |
CMC Holdings |
1993 |
20 |
0 |
Services/Vehicle Assembly |
Various Investors |
20,074,810 |
4. |
National Bank of Kenya |
1994 |
(1st Issue – 100) |
42.5 |
Banking |
Individuals & Other Investors |
400,000,000 |
5. |
Kenya National Capital Corporation |
1996 |
2nd Issue 0 42.5) |
22.5 |
Banking |
Individuals & other investors |
600,000,000 |
6. |
Kenya Airways |
1996 |
100 (GOK) |
20 |
Transport |
Individuals & other investors |
2,643,750,000 + US$ 26 million |
7. |
Kenya Airfreight Handling Co. Ltd# |
||||||
8. |
Kenya Flamingo Airways Ltd# |
** Pre-programme Transactions
# Kenya Airways Subsidiaries
E. COMPETITIVE BIDDING
|
COMPANY |
YEAR |
PUBLIC SHARE BEFORE (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
BUYER |
PROCEED (Kshs) |
|
ESA Bookshop |
1993 |
49 |
0 |
Services |
Mr. N. M. Rajani |
75,000 |
|
Mutuality Investment Trust (Golden Beach Hotel) |
1993 |
100 |
0 |
Hotel & Tourism |
- |
- |
|
African Diatomite Industries Ltd |
1993 |
100 |
0 |
Mining |
Crown Berger Kenya Ltd |
45,000,000 |
|
Mepal Plastics Kenya Ltd |
1994 |
100 |
0 |
Plastics |
Minolta Limited |
17,000,000 |
|
|
1994 |
100 |
0 |
Agro-Processing |
Premier Flour Mills Ltd |
150,000,000 |
|
Hola Cotton Ginnery |
1995 |
100 |
0 |
Textile |
Malindi Cotton Ginneries Ltd |
10,000,000 |
|
Salawa Cotton Ginnery |
1995 |
100 |
0 |
Textile |
Kerio Farms Ltd. |
10,000,000 |
|
Mwea Cotton Ginnery |
1995 |
100 |
0 |
Textile |
Rift Valley Products Ltd. |
15,000,000 |
|
Homa Bay Hotel Ltd |
1995 |
99 |
0 |
Hotel & Tourism |
Samvir Management Services Ltd |
22,000,000 |
|
Golf Hotel |
1995 |
80 |
0 |
Hotel & Tourism |
Buvika Corporation Ltd |
70,000,000 |
|
Meru Ginnery Ltd |
1995 |
49 |
0 |
Textile |
Mugongai Farmers Co. Ltd |
30,000,000 |
|
Kenya Flourspar Co. Ltd |
1996 |
50 |
0 |
Mining |
M/s Minerals & Chemicals Manufacturer Ltd. (in Formation) |
72,500,000 |
|
Sunset Hotel Ltd |
1996 |
95 |
0 |
Hotel & Tourism |
Travel Handling Services Ltd |
115,000,000 |
|
Kibos Cotton Ginnery |
1996 |
|
0 |
Cotton Ginning |
Salome Farmers Group |
8,000,000 |
F. MANAGEMENT/EMPLOYEE BUYOUT
|
COMPANY |
YEAR |
PUBLIC SHARE BEFORE (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
BUYER |
PROCEED (Kshs) |
1. |
Ark Limited |
1996 |
|
|
Tourism |
Utalii Staff Investment Co. Ltd |
8,500,000 |
Price being negotiated
B. PARTIAL DIVESTITUTES
|
COMPANY |
YEAR |
Method of Privatization |
PUBLIC SHARE AFTER (%) |
PUBLIC SHARE AFTER (%) |
SECTOR |
BUYER |
PROCEED (Kshs) |
1. |
Kenya Commercial Bank Ltd**
|
1998/90/97/98
1998 (GOK)
|
Public Floatation |
100 |
35 |
Banking |
Individual & other investors |
447,000,000 + 595,000,000 + 1,820,000,000 |
2. |
Mt. Kenya Textile Mills |
1992 |
Receivership |
100 |
48.5 |
Textile |
DFCK & DEG |
Share dilution |
3. |
Uchumi Supermarkets Ltd. |
1992(ICDC) |
Public Floatation |
90 |
44 |
Retail Trading |
Individuals & other investors |
232,000,000 |
4. |
General Motors (K) Ltd |
1992 (IDB) |
Pre-emptive rights |
51 |
46.5 |
Vehicle assembly |
ITOH & ICDC Investment |
Share dilution |
5. |
Housing Finance Company of Kenya |
1992 (GOK) |
Public Floatation |
50 |
30 |
Housing Finance |
Individual & Other investors |
126,000,000 |
** Pre-programme transaction
# Subsidiaries and Associated Companies
TEA FACTORIES
Divestiture of 39 Tea Factories owned by KTDA has been completed in addition to the enterprises listed above.
KEY
KTDC - Kenya Tourist Development Corporation
ICDC - Industrial Commercial Development Corporation
IDB - Industrial Development Bank
KTDA - Kenya Tea Development Authority
GOK - Government of Kenya
CBK - Cotton Board of Kenya
KNTC - Kenya National Trading Corporation
NCPB - National Cereals & Produce Board
KCB - Kenya Commercial Bank
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