The Privatisation Commission has initiated the halted sale of several poorly performing state firms.
The commission under chairman Henry Obochwa is seeking for a chief manager to oversee the transaction.
This exercise is aimed at reducing the dependence of the parastatals on taxpayers.
“Reporting to the chief executive officer, the chief manager transactions will be required to lead privatisation transactions in the commission,” an official statement from the commission read.
[caption caption="Mr Henry Obwocha, Privatisation Commission chairman"]
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Some of the firms that will be sold to private investors include the National Bank of Kenya, Consolidated Bank of Kenya, Development Bank of Kenya, Kenya Meat Commission, East African Portland Cement, Kengen, Kenya Pipeline Corporation, Kenya Ports Authority, and five sugar millers: Chemilil, Sony, Nzoia, Miwani and Muhoroni.
The government also approved the sale of Agrochemical and Food Corporation, New Kenya Co-operative Creameries, Numerical Machining Complex and Isolated Power stations, hotels (Kabarnet hotel, Mt Elgon Lodge Ltd, Golf Hotel Ltd, Sunset Hotel Ltd, Kenya Safari Lodges and Hotels Ltd).
Also on the list are Kenya Tourism Development Corporation affiliated companies including International Hotels Kenya Ltd, Kenya Hotels Properties Ltd, Mountain Lodge Ltd and Ark Ltd.
However, Obochwa recently revealed that firms that perform well would not be not privatised.
“Once we do the due diligence and find out that the company is doing well we hand it over to the National Treasury,” he noted.
Since the commission’s formation in 2008, it has only managed to finalise one deal.
In 2014, the Commission sold 26 percent take of Kenya Wine Agencies Ltd (KWAL) to South Africa’s Distell Group Ltd
[caption caption="National Treasury CS Henry Rotich"]
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