Nairobi, July 9 -- Safaricom #ticker:SCOM has bought a stake in UK firm, Circle Gas Limited at Sh384.6 million, 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 at that time.
The stake gives Safaricom one non-executive director slot on Circle Gas board for as long as the trademark licence and brand management co-operation agreement they signed remains in force....