Telecommunications company Telkom Kenya is set to lay off 500 workers in a cost restructuring plan.
The company said it had issued a 30-day statutory notice to regulators and stakeholders, including the Ministry of Labour, on its plans to lay off 500 of its employees.
“To enable Telkom to invest more into the growth and sustainability of its business, it must align its cost structure and skill-set with its strategy. This requires Telkom to restructure its business, and as a result, this will impact the current and long-term needs of its workforce,” the company stated in a statement on Friday.
Telkom said it had set its sights to become the number two telco in the market, citing its revamped strategy and Sh14 billion investment since 2016 in expanding its network coverage, 4G service and mobile money platform, T-Kash.
Telkom is adapting to market dynamics and changing consumer demands, to ensure that it delivers relevant and competitive products and services.
The strategy will also ensure that Telkom becomes a stronger player in the market and grows its relationship with its business partners.
The company is currently the smallest behind Safaricom and Bharti Airtel’s Kenyan unit.
It is 60 per cent owned by London based Helios Investment, with the rest of the shares held by the Kenyan government.