Money Markets
Investors move to block Consolidated Bank sale
Consolidated Bank of Kenya chair, Ms Eunice Kagane, with the bank’s CEO, Mr David Wachira, address the Press after the bank’s AGM in Nairobi on May 30, 2009. Photo/FILE
Posted Friday, November 6 2009 at 00:00
Between 1986 and 1989, the Government ordered parastatals and Government agencies to withdraw deposits from the indigenous financial institutions, including NFC.
“The petitioners are apprehensive that the intended privatisation will prejudice them and unduly complicate the complex shareholding, which currently exclude the real owners,” says the application filed on October 22, 2009.
“The applicants contend that unless the Court stays the Gazette notice and restrain the privatisation commission from continuing with the sale, the applicants’ rights will be violated and the petition would be rendered nugatory”
Other firms listed for sale include the national fuel distributor Kenya Pipeline Company (KPC), giant milk processor, New Kenya Cooperative Creameries (New KCC), Kenya Meat Commission (KMC) and sections of the Kenya Ports Authority (KPA).
Treasury is also planning to divest part of its 70 per cent stake in the public power generator KenGen and its stake in sugar firms Chemelil, Nzoia, Sony, Miwani and Muhoroni.
The list also includes Karbarnet, Golf Hotel Kakamega and Kisumu’s Sunset Hotel, Mt Elgon Lodge, and Kenya Safari Lodge.
Others are three hotels under Kenya Tourism Development Corporation (KTDC): International Hotels, Kenya Hotels, and Mountain Lodge.
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