Updated Fri, August 19th 2016 at 16:56 GMT +3Kenya has concluded the acquisition of a 40 per cent stake in UK-owned currency printing firm, De La Rue, at Sh650 million, putting an end to one of the country’s most controversial joint venture transactions. National Treasury Cabinet Secretary Henry Rotich signed off the acquisition yesterday and defended the deal as “real value” for money. Former finance minister Amos Kimunya just escaped Parliamentary censure relating to the joint venture, which he was accused of personally pushing, without the knowledge of the rest of the Cabinet. He denied that the joint venture would lock the Government to only procure currency notes and coins from the UK firm. The State owns 35 per cent stake in the highly profitable telco giant and 29 per cent shareholding in the national carrier.

Source: Standard Digital August 19, 2016 13:52 UTC