Meet the Faces Behind Safaricom Ownership

Kenya’s Telecommunication giant Safaricom was formed in 1997 as a fully owned subsidiary of Telkom Kenya.

This was before a 40 percent acquisition by UK-based Vodafone Group PLC in May 2000, and a public offering of 25 percent shares through the Nairobi Securities Exchange (NSE) in 2008.

The telco giant Safaricom is jointly owned by the Government of Kenya, South Africa’s Vodacom Group, UK-based Vodafone Group and the general public.

Kenya Govt, Vodacom Among Biggest Safaricom Shareholders

The Government  holds a 35% stake, while Vodacom Group owns another 35%. UK-based Vodafone Group retains a 5% share, and the remaining 25% is held by retail and institutional investors through a free float on the NSE.

The company, listed on the Nairobi Securities Exchange, reported annual revenues of approximately Ksh 388.7 billion ($3.0 billion) as of March 2025.

In May 2000, Vodafone Group PLC acquired a 40% stake, marking the beginning of international involvement in the firm’s ownership and management.

That same year, Michael Joseph was appointed as Safaricom’s first Chief Executive Officer, setting the company on a path of rapid growth and innovation.

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In 2017, Vodafone announced that its wholly owned subsidiary, Vodafone International Holdings B.V., had agreed to transfer part of its indirect shareholding in Safaricom to Vodacom Group Limited, its sub-Saharan African subsidiary.

Under the terms of the transaction, Vodafone exchanged a 35% indirect interest in Safaricom for 226.8 million new ordinary Vodacom shares, in a deal valued at approximately €2.36 billion (Ksh 275 billion) based on Vodacom’s closing share price on May 12, 2017.

Following the transfer, Vodafone retained a 5% indirect interest in Safaricom, in addition to its indirect interest held through Vodacom.

Vodafone is a leading European and African telecoms company providing mobile and fixed services to over 330 million customers in 15 countries and partnering with mobile networks in 45 more.

It also operates one of the world’s largest IoT platforms.

Vodacom Group Plc, on the other hand, is a pan-African cellular communications company with operations in South Africa, Tanzania, Kenya, Lesotho, Mozambique, and the Democratic Republic of the Congo.

Govt Holds 35% Stake at Safaricom

The Kenyan government’s 35% stake comes after it sold a 25% share of its holdings during Safaricom’s Initial Public Offering (IPO) in 2008.

The IPO opened the door for thousands of Kenyans to invest in one of the country’s most profitable firms, cementing Safaricom’s status as a blue-chip stock on the Nairobi Securities Exchange.

In May this year, the government announced plans to sell part of its shareholding in telecom operator Safaricom.

Treasury Cabinet Secretary John Mbadi said the government aims to raise Ksh 149 billion ($1.16 billion) in the 2025/26 financial year through the sale of stakes in state-owned companies, including a portion of its ownership in Safaricom.

Also Read: Safaricom Fires 113 Employees in Major Crackdown

Last year, billionaire investor John Kibunga Kimani expanded his stake in Safaricom by acquiring an additional 8.64 million shares, raising his total holdings to 27.7 million shares as of December 2023.

Kimani is among several local investors who have taken advantage of the telco’s lower share prices to increase their investments.

The investment was valued at approximately Ksh113 million based on the December 2023 closing price.

In April 2018, Tanzanian billionaires Aunali and Sajjad Rajabali bought 10 million shares of Safaricom worth Ksh295 million, becoming the third-largest individual investors in the telecommunications firm.

The then August regulatory filings at the NSE showed that the Rajabalis, held total of 21.1 million shares valued at Kh527 million. 

Billionaire investor Ramaben Patel holds 19.4 million Safaricom shares valued at approximately Ksh 485 million.

Top Safaricom Institutional Shareholders 

Total shares held by top institutional holders stands at 2.54%.

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