Safaricom buys US$3m stake in UK gas company Circle Gas Ltd as it diversifies revenue

KENYA – Safaricom, a mobile network operator, has bought a stake in UK firm, Circle Gas Limited at KSh384.6 million (US$3.59m), marking its entry into cooking energy business as it continues to diversify revenue streams away from voice business. The telco discloses in the latest annual report that it completed the transaction last December, giving it 18.96 per cent of the issued shares of the England-based firm. Circle Gas has a local subsidiary, M-Gas, with which Safaricom started working with last January. The telco did not, however, disclose the deal…

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