The Cabinet has considered and approved the proposed divestiture of the state's shareholding in six listed companies.
A despatch from the Executive Office of the President said the move is part of institutional reforms aimed at fostering a sustained turnaround of the economy, particularly the management and governance of state corporations.
“The divestiture in the six companies, through the sale of shares at the Nairobi Securities Exchange, will optimise the contributions of these investments in the realisation of our national development aspirations,” the statement said.
The approval was made during a Cabinet meeting chaired by President William Ruto on Tuesday.
The companies include East African Portland Cement Limited (25.3 per cent), Nairobi Securities Exchange (3.36 per cent), Housing Finance Company of Kenya Limited (2.41 per cent), Stanbic Holdings-formerly CfC Stanbic Bank Limited (1.1 per cent), Liberty Kenya Holdings-formerly CfC Insurance Holdings (0.9 per cent) and Eveready East Africa PLC (17.2 per cent).
In November last year, Ruto announced that the government was poised to privatise 35 state companies.
The Kenyatta International Convention Centre (KICC) is among 11 state corporations the government has lined up for privatisation.
KICC, an iconic landmark, is wholly owned by the government and was established by Tourism Act, 2011.
The convention centre boasts of being the leading facility in the meetings industry in East Africa and has held a number of regional and international conferences.
Other corporations set for sale are Kenya Literature Bureau, National Oil Corporation, Kenya Seed Company Limited, Mwea Rice Mills and Western Kenya Rice Mills Limited.
Others are Kenya Pipeline Company, New Kenya Cooperative Creameries, Kenya Vehicle Manufacturers Limited, Rivatex East Africa Limited and Numerical Machining Complex.
The government revealed that one of the reasons it was selling the Kenya Literature Bureau and KICC was because the two parastatals needed to be incorporated into limited companies.
On the other hand, National Oil Company is being privatised largely because of poor financial performance.