An American multinational investment management firm is selling millions of shares held in Safaricom in protest over delays in dividend repatriation amid the fall of the telco’s valuation to below Sh600 billion.
FMR LLC, which trades as Fidelity Institutional Asset Management and is among the top five investors in Safaricom, has now cut its stake in the telco by about two-thirds from the highs of 921.1 million shares in September 2022 to about 314 million, according to data by Capital IQ, an integrated market intelligence platform.
