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{
    "id": 262456,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/262456/?format=api",
    "text_counter": 202,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": "Mr. Speaker, Sir, there is absolutely no contradiction. The main purpose of this transaction was to remove from the books of KPLC the Preference shares owned by the Kenya Government, which were converted into Ordinary Stock. As a result of that, the shareholding of the Government went up to more than 70 per cent, which was not desirable because we wanted to be a majority owner of just 50 per cent. So, to reduce the Government shareholding in KPLC, a split of eight to one of the shares was done. After the split, there as a Rights issue and it was agreed that the Government would not take up its allotted quota of the Rights issue, so that its ownership gets reduced from 70 per cent to 50 per cent. That is exactly what happened. The shares owned by the Kenya Government are still owned by the Kenya Government and they amount to 50.1 per cent. But I am not unmindful of the fact that we need to increase funding of REA. It has done a wonderful job and put up electricity in areas where, probably, nobody expected them to have electricity. So, I would like to assure the hon. Member that in the next Budget we will increase the funding of REA because it is doing a good job."
}