Turns out local banks actually want to fund the restructuring of Telkom Kenya (see this story on EA Standard) but will lend KES 5.6 billion only if secured against the 9% Safcom stake the GOK is trying to offload. That 9% is worth at least double that KES5.6B and the GOK apparently needs Vodaphone’s approval to borrow on those terms.
Piece of advice Mr. Ndemo, take Vodaphone’s money. BBK, StanChart, StanBic and KCB are just being banks - trying to make money off you.
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Gathunuku
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Telkom Kenya Restructuring II Posted: November 13th, 2006, 5:51pm CST by Gathunuku