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Safaricom shareholders to vote on Vodafone Kenya's power to pick CEO

Safaricom CEO Peter Ndegwa

Safaricom CEO Peter Ndegwa.

Photo credit: File| Nation Media Group

Shareholders of Kenyan telecoms firm Safaricom are due to vote on whether to give Vodafone Kenya ​the right to nominate the company's chief executive officer, ‌once Vodafone holds more than 50 percent of Safaricom's shares, Safaricom said on Wednesday.

Vodacom which already owned 39.9 percent of Safaricom through Vodafone ​Kenya, agreed in December to buy Kenya's 15 percent ​stake for about $1.6 billion (Sh206.88 billion), a deal that lifted its ⁠holding to 55 percent, while the Kenyan government's stake fell ​to 20 percent.