Kenya is likely to garner between $ 477.8 million and $876.1 million (60 billion and 110 billion shillings) by selling stakes in public firms, Business Daily newspaper reported, citing Parliamentary Budget Office.

The amount can be realised in the medium term if the government sells about 19 percent or 48 of the 248 state-owned enterprises.

The government is pushing for a change in laws governing the sale of public firms through the Draft Privatisation Bill 2023.

The names of the firms to be privatised were not disclosed.

The government had previously announced 26 companies for privatisation, including the Kenya Ports Authority and Kenya Pipeline Company, the report said.

The move to privatisation can rescue the government from more than 1.3 trillion shillings in fiscal risks as it is the underwriter for state-owned enterprises.

(Editing by Seban Scaria seban.scaria@lseg.com)