SALES OF NATIONAL ASSETS

Recent media reports have indicated that the allocations of Safaricom Ltd (a mobile phone company owned by the government and two other private entities) shares in the recently concluded initial public offering may shift in favor of foreign investors should Kenyans not raise enough money to purchase at least 25% of the shares offered. What ownership criteria should be used in developing countries when they dispose of national assets through financial markets? Should nationals get first priority whenever a public asset is sold? Should foreign ownership be restricted in certain circumstances?