The government has stopped Jamhuri/Helios from acquiring a 60 percent stake takeover of Telkom Kenya.

According to a Cabinet Dispatch on Tuesday, Jamhuri/Helios will refund the state the amount paid for the purchase.

Further, it indicated that the decision will offer Telkom Kenya an opportunity to source and onboard another strategic investor, subject to the receipt of all regulatory approvals.

“Cabinet’s interventions will enhance the operational capacity of Telkom Kenya and make it a competitive player in the telecommunications market.”

The former administration of Uhuru Kenyatta gave Helios Investors LLP a total payment of Sh6.2 billion last year through Jamhuri Holding Ltd. (JHL), its Special Purpose Vehicle (SPV).

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However, the National Assembly has not given its approval to the agreement.