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| Kenya in mobile phone share sale | Kenya in mobile phone share sale |
| (30 minutes later) | |
| The Kenyan government has launched a share flotation of Safaricom, the country's largest mobile phone network. | |
| President Mwai Kibaki's administration is selling off a 15% stake in the company, a move which is expected to raise about $750m (£376m). | President Mwai Kibaki's administration is selling off a 15% stake in the company, a move which is expected to raise about $750m (£376m). |
| Analysts said the share sale had been greatly oversubscribed, with ordinary citizens the bulk of the buyers. | Analysts said the share sale had been greatly oversubscribed, with ordinary citizens the bulk of the buyers. |
| Opposition parties had tried to delay the issue because of uncertainty over Safaricom's other shareholders. | Opposition parties had tried to delay the issue because of uncertainty over Safaricom's other shareholders. |
| It will be the largest flotation ever on the Kenyan stock market. | |
| Most profitable | Most profitable |
| While the government insists it currently owns 60% of Safaricom with the other 40% in the hands of UK giant Vodafone, opposition groups say another firm called Mobitelea also has an interest. | While the government insists it currently owns 60% of Safaricom with the other 40% in the hands of UK giant Vodafone, opposition groups say another firm called Mobitelea also has an interest. |
| The government should have told this country who Mobitelea is Opposition MP William Ruto | |
| Registered in Guernsey in the Channel Islands, Mobitelea's owners remain unknown. | Registered in Guernsey in the Channel Islands, Mobitelea's owners remain unknown. |
| Media reports in Kenya have speculated that Mobitelea owns as much as 10% of Safaricom. | Media reports in Kenya have speculated that Mobitelea owns as much as 10% of Safaricom. |
| "They [the government] should have told this country who Mobitelea is, and whether they acquired the shares procedurally," opposition MP William Ruto told the BBC. | |
| Kenyan Finance Minister reiterated that Mobitelea was not a direct Safaricom shareholder. | |
| Safaricom is the most profitable company in the whole of east Africa, enjoying profits of $370m last year. | Safaricom is the most profitable company in the whole of east Africa, enjoying profits of $370m last year. |