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Revealed: Merali sale of final Airtel stake got him Sh738mn

Businessman Naushad Merali has stepped up the sale of key segments of his vast business empire. PHOTO | FILE

Billionaire businessman Naushad Merali sold off his remaining five per cent stake in telecommunications company Airtel Kenya four years ago, giving the Indian parent company Bharti Airtel full control of the firm.

The previously unreported transaction, which earned Mr Merali Sh738 million, happened shortly after former Finance minister Njeru Githae gave Airtel Kenya an open-ended waiver on the law requiring telecommunication companies to have at least 20 per cent local ownership in 2012.

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