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Vol 48 No 21

Published 19th October 2007


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The privatisation of East Africa’s biggest cellphone company unveils a political and corporate scandal

The government desperately wants to sell a 25% stake of Safaricom, its joint venture with Britain's Vodafone on the Nairobi Stock Exchange, before this year's elections. President Mwai Kibaki's supporters believe the sale - it will be East and Central Africa's biggest Initial Public Offering (IPO) - will create a pre-election feel-good factor, at least among Kenya's share-owning middle classes. It will also send cash sluicing into government coffers in the run-up to the elections.

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