President William Ruto on Tuesday rang the bell at the Nairobi Securities Exchange to mark the official listing and commencement of trading of shares from the Kenya Pipeline Company Initial Public Offering.
The bell-ringing ceremony, a high-profile tradition often performed by the President, celebrates the successful conclusion of one of the largest share sales in Kenya’s history.
The event officially signalled that KPC shares are now trading on the Main Investment Market Segment of the NSE after the IPO was 105.7 percent oversubscribed, reflecting strong investor demand.
The ceremony also marks the completion of the government’s partial privatisation of KPC, in which 65 percent of the company’s shares were offered to the public, raising Sh106 billion.
Speaking on March 9, President Ruto said the proceeds from the Kenya Pipeline IPO will provide the initial capital base for the National Infrastructure Fund, enabling it to begin operations and finance priority infrastructure projects across the country.
Ruto explained that the government has long planned to establish a financing mechanism that would allow commercially viable infrastructure projects to be funded through alternative sources rather than relying solely on public funds.
“I couldn’t put it much more clearly and succinctly than it is stated in our manifesto. And I want to quote it for you. This is a manifesto written four years ago,” the President said.
According to the Head of State, the listing of Kenya Pipeline Company on the NSE represents the first major step toward achieving that goal.
“Today, we are doing exactly that. The National Infrastructure Fund is here,” he said.
The National Infrastructure Fund is expected to finance projects such as roads, energy infrastructure, ports and other large-scale developments that support economic growth. By channeling private investment into these projects, the government seeks to reduce pressure on public finances while accelerating development.
He said while the outcome might appear unusually precise, it reflects years of planning and policy commitments made by the administration.
“It looks too exact to be real, but that is what it is,” Ruto said.
The government believes the establishment of the National Infrastructure Fund will attract both local and international investors while creating a more sustainable financing model for Kenya’s development agenda.
