His administration is also considering the privatization of another 100 firms following the recent enactment of a law aimed at reducing bureaucratic processes.
According to Reuters, the last instance of state privatization in Kenya occurred in 2008 when the government conducted an Initial Public Offering (IPO) for 25% of the shares in the telecommunications company Safaricom.
"We have identified the first 35 companies that we are going to offer to investors," Ruto told a meeting of African stock market officials in the capital Nairobi.
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Ruto refrained from specifying the companies to be privatized, and Finance Minister Njuguna Ndung’u opted not to disclose them as well.
The legislation endorsed by Ruto last month outlines various methods for privatization, including Initial Public Offerings (IPOs) and the sale of shares through public tendering processes.
Kenya is currently facing acute liquidity challenges, driven by uncertainty surrounding its capacity to secure funding from financial markets ahead of the maturity of a $2 billion Eurobond in June 2024.
The decision comes after Kenya explored funding options, including seeking support from multilateral lenders such as the IMF and World Bank, and considering syndicated loans to facilitate the repayment.