Vodacom Group is reportedly in early discussions with the Kenyan government to acquire part of its 35 percent stake in Safaricom, East Africa’s largest mobile operator.

The Johannesburg-based telecom giant already holds a 39.93 percent share and is considering increasing its ownership, though no final decisions have been made.

Both Vodacom and Kenya’s National Treasury declined to comment.

Safaricom, currently valued at 9.13 billion dollars, dominates Kenya’s mobile market with nearly two-thirds of subscribers and operates the widely used M-Pesa mobile money platform.

The potential sale is part of the government’s broader strategy to raise revenue and manage public debt through partial privatization of key state-owned assets.

This move follows previous proposals, including Treasury Secretary John Mbadi’s August plan to split Safaricom into three units, which could have reduced the government’s stake.

Safaricom shares have gained momentum, more than doubling over the past year, making the timing favorable for a potential transaction.