Ruto government cancels Sh6bn Telkom buyout deal with Helios
From left: Then ICT Cabinet Secretary Joe Mucheru, his National Treasury counterpart Henry Rotich and Helios Investment principal partner Pierre Heinrich during the sale of Telkom Kenya shares held by Orange East Africa to Jamhuri Holdings Limited at Treasury buildings in Nairobi in mid-June 2016.
Cabinet rescinded the July 2022 decision which saw Helios paid Sh6.091 billion following its exit from the struggling telecommunications company.
Helios, through its special purpose vehicle, Jamhuri Holdings, exited its investment in Telkom Kenya in July 2022.
The Kenya Kwanza government has overturned a decision by the Uhuru Kenyatta-led Jubilee government to take over control of Telkom Kenya.
According to a Cabinet despatch sent Tuesday evening, President William Ruto's government has also cleared Telkom Kenya to proceed and scout for a new strategic investor to pump in capital and support future plans for growth and expansion.
