{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Controversy over Telecoms share offers' data-url='/boclips/videos/5c54bfb6d8eafeecae1453ab' data-video-url='/boclips/videos/5c54bfb6d8eafeecae1453ab' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nControversy over Telecoms share offers\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide shot of Kenyan President Mwai Kibaki walking into Safaricom IPO launch2. Various of entertainment during the launch 3. Kibaki watching the entertainment4. SOUNDBITE (English) Mwai Kibaki, President of Kenya:\"The re-distribution...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide shot of Kenyan President Mwai Kibaki walking into Safaricom IPO launch\u003cbr/\u003e2. Various of entertainment during the launch \u003cbr/\u003e3. Kibaki watching the entertainment\u003cbr/\u003e4. SOUNDBITE (English) Mwai Kibaki, President of Kenya:\u003cbr/\u003e\"The re-distribution of the ownership of the region's most profitable company, the listing of Safaricom on the stock exchange, will strengthen our capital markets as a source of finance for long term investments.\"\u003cbr/\u003e5. Wide exterior of Safaricom head office in Nairobi.\u003cbr/\u003e6. Advertising billboard.\u003cbr/\u003e7. Wide of Mohamed A. Hassan, joint managing director of Dyer and Blair investmment bank.\u003cbr/\u003e8. Mid of Hassan\u003cbr/\u003e9. SOUNDBITE (English) Mohamed A. Hassan, joint managing director of Dyer and Blair investmment bank:\u003cbr/\u003e\"I think the time is ready. It is time for Kenyans to tell the world that we are open. It is unfortunate small things happened and now we have agreed, we are reconciling and we are going to have a government in the near future.\"\u003cbr/\u003e10. Customers at a Safaricom dealer in Nairobi city centre.\u003cbr/\u003e11. Close of hands holding mobile phone\u003cbr/\u003e12. Paramilitary police on horseback patrolling Nairobi city centre\u003cbr/\u003e13. Man using mobile phone.\u003cbr/\u003e14. Safaricom Chief Executive Officer Michael Joseph\u003cbr/\u003e15. SOUNDBITE (English) Michael Joseph, Safaricom Limited CEO:\u003cbr/\u003e\"We have actually been planning this for three years so it's not rushing this, it's ready to go and I think it will be ready and I think Kenyans will want it to come now too.\"\u003cbr/\u003e16. Wide of customer at a Safaricom dealer in Nairobi city centre\u003cbr/\u003e17. Safaricom dealer assisting a customer.\u003cbr/\u003e18. Various of Safaricom signs\u003cbr/\u003eThe Kenyan government along with Safaricom Limited launched East Africa's largest ever IPO (Initial Public Offer) on Friday - the sale of ten (m) million shares worth 799 (m) million US dollars to the public in what business speculators believe to be one of the fastest growing telecommunication markets in the world. \u003cbr/\u003eHowever the launch was not spared political controversy as Kenya's opposition party , the Orange Democratic Movement (ODM), called for Kenyans to protest on Friday against the launch, accusing the government of trying to sell millions of shares in order to benefit a few corrupt government leaders.\u003cbr/\u003eODM leader, Raila Odinga called for the suspension of the Safaricom's Initial Public Offer until the new government was formed.\u003cbr/\u003eThe steeped controversy which began last year led to court hearings and appeals by the ODM to suspend the Initial Public Offer, which did not succeed.\u003cbr/\u003e\"The re-distribution of the ownership of the region's most profitable company, the listing of Safaricom on the stock exchange, will strengthen our capital markets as a source of finance for long term investments,\" said President Mwai Kibaki at the launch of the IPO.\u003cbr/\u003eThe Kenyan government which owns 60 percent of the company put up shares to sell to the public after the post election violence that was the worst the country had ever seen. \u003cbr/\u003eMore than 1500 people were killed and after reconciliation talks with international mediators, there is still no agreement on electing a new cabinet.\u003cbr/\u003e\"I think the time is ready. It is time for Kenyans to tell the world that we are open. It is unfortunate small things happened and now we have agreed and we are reconciling and we are going to have a government in the near future,\" said Mohamed A. Hassan, joint managing director of Dyer and Blair investment bank.\u003cbr/\u003eThousands of Kenyans queued  to purchase shares, ignoring the claims of the opposition. \u003cbr/\u003eThey began selling in the Nairobi Stock Exchange for a price of five shillings (0.08 US dollars) to the local public and 7.5 shillings (0.12 US dollars) to foreign market buyers.\u003cbr/\u003eWith more than 10 (m) million subscribers to the Safaricom network, and a total of 13 (m) million currently owning mobile phones, there is great anticipation of high margin profits for the government and the public.\u003cbr/\u003e\"We have actually been planning this for three years and we are not rushing this, it is ready to go and I think it will be ready and I think Kenyans will want it to come now too,\" said Michael Joseph, CEO of Safaricom Limited.\u003cbr/\u003eSafaricom Limited was formed in 1997 with a subsidiary share holder. 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