Kenya will list the Kenya Pipeline Company (KPC) on the Nairobi Securities Exchange (NSE) by September, President William Ruto said on July 23, Business Daily reported.

The Privatisation Commission is finalising the structure of the initial public offering (IPO) before presenting it to the Cabinet for approval.

“We are implementing a structured time-bound divestiture programme starting with the listing of the KPC,” Ruto is quoted as saying. “I expect the Cabinet to grant approval to this IPO shortly, the privatisation commission is working on the final approval and by September we will have that listing.”  

The National Treasury is developing a disclosure framework for all public enterprises. Ruto said state entities that comply will be required to list at least 20% of their shares on the NSE within one year.

KPC is a state-owned midstream petroleum logistics firm, 99.9% owned by the National Treasury and 0.1% by the Ministry of Petroleum and Mining. It transports refined fuel products across Kenya and the region.

This will be Kenya’s first privatisation via the NSE since the 2008 Safaricom IPO, signalling a renewed push to revive delayed state divestitures. The strategy aims to attract private capital, reduce the public financial burden, and enhance transparency. According to the Capital Markets Authority and World Bank, such listings improve capital market depth and governance in public enterprises.

As bne IntelliNews reported, KPC posted a pre-tax profit of KES 10bn ($77.13mn) for 2023–24, up 32% from the previous year. Revenue rose 15% to KES 35.4bn ($273.04mn), and it paid KES 7bn ($54.08mn) in dividends to the Treasury. The firm operates 1,342 kilometres of pipeline with a 14bn-litre capacity and holds a net book value of KES 83.3bn ($643.49mn).

KPC is developing a liquefied petroleum gas facility in Mombasa and installing fibre optics for the government’s digital superhighway agenda.

Previously listed parastatals include Kenya Commercial Bank, Kenya Airways, KenGen, Kenya Reinsurance Corporation, and Safaricom. Entities being lined up for privatisation include Kenya Literature Bureau, Rivatex East Africa, National Oil Corporation, and New Kenya Cooperative Creameries, Kenyans.co.ke reported on July 24.