Cabinet gives State green light to acquire 40 per cent stake in currency printing company

Cabinet has approved the joint venture between the Government and British firm, De La Rue.

“Under the new arrangement...the Government will acquire 40 per cent shareholding in De La Rue Kenya Limited. This will enable the Government to earn revenue from the venture,” said a statement released by State House last evening.

This confirms an earlier speculation of the State acquiring a stake in the firm following its struggling financial position in the market as profits dwindle.

In May, the firm which has operations in 106 countries was reported to have sold its struggling cash processing business to Privet Capital (a firm that makes money counting equipment and verifies cash authenticity) in a slightly over Sh1 billion deal in what it termed as streamlining.

In a Cabinet meeting held yesterday and chaired by President Uhuru Kenyatta, Interior Cabinet Secretary Joseph Nkaissery was directed to ensure prosecution to all those who invaded private ranches in Laikipia and Kilifi.

 EAC flag

Among other policy issues deliberated and agreed on in President Kenyatta’s sixth Cabinet meeting for 2016 is that all ministries should settle all pending bills to suppliers.

“...giving priority to women, youth and persons with disabilities under the access to Government procurement opportunities (AGPO),” read the Cabinet statement.

And in the spirit of the East African Community (EAC) integration, all Government offices and public institutions were directed to start flying the East African flag immediately.

Further, all schools will be required to hoist the EAC flag and sing the EAC Anthem alongside national anthem.

It added that the EAC flag and anthem will be hoisted and sung respectively in all public events alongside the Kenya national flag and anthem.

“This is intended to boost and promote the East African Community integration,” the statement partly read.

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