State to shed stake in three hotel properties

State-owned Kenya Tourist Development Corporation will sell its shareholding in Hilton, Intercontinental and Serena hotels, the Privatisation Commission said on Friday. The KTDC is seeking to divest from mature investments to mobilise resources for new developments through equity and lending to developers. The Privatisation Commission will negotiate sales with holders of pre-emptive rights – the current shareholders – for the luxury hotels as stipulated under section 25(c) of the Privatisation Act...