Safaricom stock reacts to court ruling that voids Vodacom stake deal

Published on 09/17/2026 at 15:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Safaricom stock is trading around KES 36 as of September 17, 2026 after a High Court ruling nullified the government’s sale of a 15 percent stake to Vodacom completed on June 30, 2026. The judgment may force a refund of KES 245.0 billion and could reshape the company’s ownership and strategic outlook.

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Safaricom Plc stock (ISIN KE0000000547) is trading near KES 36 on the Nairobi Securities Exchange as of September 17, 2026, with investors digesting a High Court ruling that nullified the government’s sale of a 15 percent stake to Vodacom Group completed on June 30, 2026 and raised the prospect of a KES 245.0 billion refund.

Court overturns Safaricom stake sale

According to Standard Media on September 17, 2026, Kenya’s High Court ruled that the government’s partial divestiture of a 15 percent stake in Safaricom was carried out in contravention of the Constitution and the law, ordering that the shares be restored to the State.

Kenya had sold 6.01 billion Safaricom shares, representing 15 percent of the company, at KES 34 per share, generating proceeds of KES 204.3 billion from the share sale and a further KES 40.2 billion as an advance against future dividends from the remaining 20 percent stake, bringing the total value of the transaction to KES 244.5 billion as of June 30, 2026.Standard Media

Ownership and valuation implications for investors

Following the sale to Vodacom, Safaricom’s ownership structure shifted, with Vodacom’s effective stake rising to 55 percent, the Kenyan government’s stake falling from 35 percent to 20 percent and the remaining 25 percent held by retail and institutional investors as of June 30, 2026.Standard Media The court’s ruling now puts this ownership shift into question and could see the government’s stake revert to 35 percent if the judgment is ultimately upheld.

The transaction price of KES 34 per share has fueled a valuation debate, as Safaricom’s share price has since climbed to around KES 36, implying a gain of about 5.9 percent from the sale level.Standard Media Historical data cited in the same report show the stock had reached an all-time high of KES 45 in August 2021, underlining the upside that critics of the deal argued was left on the table.

Safaricom and government responses

In its reaction, Safaricom stated that the stake sale transaction had been completed on June 30, 2026 following the lifting of conservatory orders by the Court of Appeal and the fulfilment of relevant conditions precedent, and that it is reviewing the judgment and its implications for the business.Standard Media The company has indicated that it will provide further updates as legal processes unfold.

The National Treasury has signaled that it will mount a vigorous appeal, arguing that the divestiture was conceived as a fiscal measure intended to unlock value for the exchequer while safeguarding Safaricom’s strategic role in Kenya’s economy.Standard Media If the High Court ruling stands, the government could face a refund obligation of approximately KES 245.0 billion, representing the combined share sale proceeds and dividend advance.

Stock level and investor perspective

Safaricom stock closed recently around KES 36 on the Nairobi Securities Exchange, modestly above the KES 34 transaction price but still below the historical peak of KES 45 recorded in August 2021, leaving investors to weigh the regulatory risk against the company’s role as Kenya’s leading mobile operator and mobile money provider.Standard Media