On Friday 28th July 2017, Safaricom (SCOM) reached a milestone as it became the first company in Kenyan business history to surpass the Sh 1.0 trillion market capitalization, and still remains East Africa’s most valuable publicly traded company.
During the intraday trading session, the company’s share price hit an all high of Sh 25 and dipped back down to Sh 23.75 before closing at Sh 24.5. A high of Sh 25 per share would place Safaricom’s market valuation at Sh 1.0016 trillion given the company’s outstanding shares of 40.07 billion.
Since the beginning of March 2017, Safaricom’s shares have risen 45 percent amid strong foreign investor buying and a favorable market outlook. In the coming month, the telco is expected to officially launch its “Masoko” E-Commerce platform and take on local players like Jumia & Kilimall.
Related; Kenya’s Stock Market Touches Two-Year High 12 days to General Elections
