Less than a week after Telkom Kenya reportedly was in need of a massive government bailout to save the company, top officials are now denying these claims.
According to Telkom Kenya Chairman Eddy Njoroge, who on Monday and Tuesday dispelled last week’s reports about the company needing a KES10 billion ($120 million) bailout from government to continue operations, said the company is “financially sound”.
According to Njoroge, the so called bailout figures referred to financing requirements being proposed in a draft plan currently under review from the board.
“I wish to assure all our stakeholders including our employees, suppliers, distributors, trade unions and other strategic partners that Telkom Kenya is a stable company that is here for the long haul and we will do everything possible to avert any risks to the business now or in the future,” Njoroge said.
But, there are still concerns, with Telkom Kenya set to approve a business plan for the next four years in the coming weeks.