The disclosure is contained in the company's 2026 Annual Report, which provides a breakdown of its shareholders and the number of shares held by different investment categories.
According to the report, Safaricom had 533,549 shareholders as of March 31, 2026. However, the ownership structure was heavily concentrated among two major investors.
Vodafone Kenya Limited emerged as the largest shareholder, holding 16 billion ordinary shares.
The National Treasury and Economic Planning followed with 14,022,572,580 shares.
Together, the two institutions held 30,022,572,580 shares, equivalent to 74.93 per cent of Safaricom's total issued shares.
The report further showed that 15 shareholders held between 100 million and one billion shares each. Collectively, they owned approximately 3.15 billion shares, representing 7.87 per cent of the company.
Another 144 investors held between 10 million and 100 million shares, accounting for 9.50 per cent of the issued shares.
Interestingly, the company also had a substantial number of smaller investors.
A total of 359,086 shareholders owned between one and 1,000 shares each. Another 159,444 investors held between 1,001 and 10,000 shares.
Despite their large numbers, the two categories collectively accounted for only 1.65 per cent of Safaricom's issued shares.
Vodafone's increased ownership
Safaricom's ownership structure subsequently changed following a transaction completed on June 30, 2026.
Vodafone Kenya acquired an additional 15 per cent stake from the Government of Kenya, increasing its holding to 55 per cent. The government's direct stake consequently fell to 20 per cent, while public investors retained 25 per cent.
However, the transaction later faced a legal challenge. In September 2026, the High Court ordered the return of the 15 per cent stake to the government. Both the government and Vodacom appealed the decision.
The Court of Appeal subsequently directed that the existing ownership position remain in place pending determination of the appeal.
The shareholding figures offer an important picture of Safaricom's ownership, showing how thousands of investors participate in the company while a small number of major shareholders control most of its issued shares.
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