Safaricom to raise Sh40bn in largest corporate bond

Safaricom has received regulatory approval to issue a Sh40 billion public bond for infrastructure upgrades in Kenya and Ethiopia, making it the largest corporate bond to be listed at the Nairobi Securities Exchange (NSE).

The telecoms operator will inform investors on Thursday that it will issue the bond in tranches, offering a further boost to Kenya’s corporate bond market—where East Africa Breweries Limited (EABL) has just raised Sh16.7 billion.