Mbadi: Why we sold Safaricom shares to Vodacom

The National Treasury has defended its plans to sell a 15 per cent stake in Safaricom to Vodacom while shunning the option of offloading the shareholding through a public offer that would have given local investors an opportunity to increase their ownership in the region’s most profitable company. 

For the past few days, the government has come under sharp criticism after it emerged that it would be reducing its shareholding in the telco.

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`;
} else {
teaserEl.innerHTML = “”;
}

activeEl.innerHTML = “”;
paywallEl.style.display = “block”;

} else if (now >= saleStart && now <= saleEnd) {
paywallEl.style.display = “none”;

var diffToEnd = saleEnd – now;
var totalSeconds = Math.floor(diffToEnd / 1000);
var days = Math.floor(totalSeconds / (24 * 3600));
var hours = Math.floor((totalSeconds % (24 * 3600)) / 3600);
var minutes = Math.floor((totalSeconds % 3600) / 60);
var seconds = totalSeconds % 60;

activeEl.innerHTML = `

Offer ends in…

${days}Days
${String(hours).padStart(2,’0′)}Hours
${String(minutes).padStart(2,’0′)}Minutes
${String(seconds).padStart(2,’0′)}Seconds

Subscribe Now & Save

`;
} else {
teaserEl.innerHTML = “”;
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
}
}

function formatTime(ms) {
let totalSeconds = Math.floor(ms / 1000);
const days = Math.floor(totalSeconds / (3600 * 24));
totalSeconds %= 3600 * 24;
const hours = Math.floor(totalSeconds / 3600);
totalSeconds %= 3600;
const minutes = Math.floor(totalSeconds / 60);
const seconds = totalSeconds % 60;
return `${days}d ${hours}h ${minutes}m ${seconds}s`;
}

updateFlashSale();
setInterval(updateFlashSale, 1000);

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The National Treasury has defended its plans to sell a
15 per cent stake in Safaricom to Vodacom
while shunning the option of offloading the shareholding through a public offer that would have given local investors an opportunity to increase their ownership in the region’s most profitable company. 

Follow The Standard
channel
on WhatsApp