A research note has questioned the State’s Sh153.8 billion valuation of the Kenya Pipeline Company (KPC), casting doubts on the ability of the government to raise Sh100 billion from a stake sale through an IPO before March.
Standard Investment Bank (SIB) has placed its fair value estimate of the business at Sh102 billion, putting expected proceeds from the three-quarter stake sale at a lower Sh66.3 billion.
