Kenya looks to IPO state assets to draw private-sector investments, says President Ruto

LONDON, July 2 (Reuters) - Kenya is earmarking state assets for initial public offering in order to bring in more private sector investment, President William Ruto said in remarks at the London Stock Exchange on Wednesday.

The government plans to start with listing the Kenya Pipeline Company via an initial public offering on the Nairobi

Securities Exchange this year, Ruto said.

"We are committed to a structured, time-sensitive programme that identifies and prepares a robust pipeline of key government assets to be privatised through the stock exchange or improved through private sector participation," he said.

Ruto also said that well-functioning domestic capital markets could reduce reliance on external debt.