The Postal Corporation of Kenya (PCK) is planning on selling dormant assets, mainly land, to clear liabilities totaling Ksh7.2 billion to attract a strategic investor.
As reported by the Business Daily, the corporation has land worth Ksh7.9 billion across the country, including a prime land parcel in Yaya Center, Nairobi.
The total assets of the corporation are valued at Ksh11.2 billion. PCK CEO John Tonui revealed that the institution was in the process of seeking approval from the National Treasury as it prepares to implement the planned sale.
Posta is planning a 15-year public-private partnership for its courier and financial services. Once an investor recoups their investment, the corporation may revert to government control or list on the Nairobi Securities Exchange (NSE).
The planned sale of the assets has been necessitated by the lack of funds by the government.
