Michael Joseph sells half of his Safaricom stake

Former Safaricom chief executive Michael Joseph has sold half of his shares in the company even as his successor, Bob Collymore, increased his stake, making a strong confidence statement about the telecoms operator whose stock continues to rally on the Nairobi Securities Exchange (NSE).

Safaricom’s annual report shows Mr Joseph cut his shareholding in the company for the first time since its listing in 2008 with the sale of 1,178,600 shares as at end of March.