Kenya is pressing ahead with plans to restructure Safaricom Plc, even as the government reduces its stake in the East African telecom giant, Bloomberg reported.

Treasury Secretary John Mbadi said the government intends to separate Safaricom into three distinct units: a mobile telecommunications business, a fintech arm, and a tower operations company. The move is intended to enhance the firm’s overall value.

“We believe splitting the company will significantly increase its value. These discussions with Vodacom are ongoing, but the core transaction remains unaffected,” Mbadi said in an interview.

The government plans to sell a 15 percent stake in Safaricom to Vodacom Group Ltd., lifting the South African firm’s holding to 55 percent from nearly 40 percent. The transaction, valued at approximately 2.4 billion US dollars, is already underway and will proceed independently of the restructuring discussions.

Shares of Safaricom jumped as much as 13 percent following the announcement, extending gains for the year to more than 65 percent—on track for the company’s strongest annual performance since 2013.

Mbadi also indicated that Safaricom aims to expand into regional markets, including Ethiopia, though any cross-border ventures would require government approval. The divestment, he said, is designed to provide the company with space to develop fintech services and pursue regional growth.