President William Ruto has announced the impending Initial Public Offering (IPO) of the Kenya Pipeline Company (KPC) in September 2025, which will kickstart a long-awaited privatization program.
- •Speaking at the Nairobi Securities Exchange (NSE) during the bell-ringing ceremony for the successful listing of the Linzi 003 Infrastructure Asset-Backed Security, President Ruto said that “Privatization is no longer optional.”
- •The Cabinet is expected to approve the KPC IPO before the end of July, after which it will be submitted to the National Assembly for consideration.
- •The proceeds from the Linzi 003 Infrastructure Asset-Backed Security listing will support the construction of the 60,000-seat Talanta Sports City Stadium.
“There is compelling evidence that privatisation is necessary to eliminate inefficiencies and raise the standards of governance in our public enterprises,” Ruto said during the event.
KPC’s listing, the first privatisation in a decade, will raise capital for the company’s regional expansion and LPG diversification plans. It is also meant to kickstart the privatisation process, which is expected to generate revenue for the government and revive the capital markets.
Other entities earmarked for privatization alongside KPC include National Oil Corporation, New Kenya Cooperative Creameries (NKCC), Kenya Literature Bureau (KLB), and Rivatex East Africa (REAL). The slow pace of execution has been attributed to legal battles, political opposition, and concerns over the valuation of assets.
“We are raising the bar to require public entities to begin disclosing standardised financial and operational data in line with capital markets standards. Within one year of initial disclosure, they will be required to list at least 20% of their equity on the NSE,” Ruto added.
The Linzi FinCo 003 Trust Listing
Linzi Finco’s Infrastructure Asset-Backed Security (IABS) is backed by future revenues from the Talanta Sports City Project, the anchor project for Kenya’s AFCON 2027 ambitions. GCR Ratings assigned the 15-year senior secured note an AA(KE)(IR) rating with a stable outlook. Learn More
