By PSCU
President William Ruto yesterday assented into law the Privatisation Bill.
The Speaker of the National Assembly, the Moses Wetang’ula presented to the President the bill at the State Lodge, Kisumu.
This landmark legislation effectively streamlines the privatisation process for non-strategic or financially challenged government entities, eliminating bureaucratic obstacles.
The assented Bill repeals the Privatisation Act, 2005 which was enacted before the current Constitution.
Sponsored by the Leader of the Majority Party, Kimani Ichung’wah, the Bill provides for the establishment of the Privatisation Authority and assigns the responsibility of formulating the privatisation programme to the Cabinet Secretary.
Ichung’wah noted that the Bill assigns the responsibility of formulating the privatisation programme to the Cabinet Secretary.
“The privatisation programme shall be submitted to and approved by Cabinet. The role of the National Assembly shall be to ratify the programme,” said Ichung’wah.
In the new move, privatisation will be done through initial public offering of shares, sale of shares by public tender, sale resulting from the exercise of pre-emptive rights or through any other method that will be defined by the Cabinet.
The Bill further provides that the proceeds from the sale of a direct National Government shareholding shall be paid into the Consolidated Fund
The process was witnessed by the Deputy President Rigathi Gachagua, Attorney General Justin Muturi, Ichungw’ah, Clerk of the National Assembly Samuel Njoroge, and Cabinet Secretaries Eliud Owalo and Rebecca Miano.
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