President William Ruto has given the National Treasury authority of privatizing state owned companies without Parliamentary approval.
The President who is on a tour of Kisumu and Siaya counties, assented to the Privatisation Act 2023 as he hopes it will spur his plans to sell a number of State-owned firms to avert further loses.
This is even as he assured to the larger western region residents that his administration will not sell any sugar milling companies so as revive them from loss making.
The head of state said in June that his government would consider Initial Public Offerings between six and 10 companies.
Privatization is expected to see the sale of government firms to the public through initial public offers (IPOs) in addition to further divestitures to State-run firms that are already listed on the Nairobi Securities Exchange .
“It is intended to remove the bureaucratic processes in the privatization of non-strategic or loss-making government entities,” reads a report from the National Assembly on Monday.
The Azimio la Umoja coalition has however opposed the move, arguing that it is being tailored to benefit a few individuals.
The privatization programme will now be submitted for approval to Cabinet and later be ratified by the National Assembly.