Nairobi, June 4 -- The government has moved to the Court of Appeal seeking to lift orders that froze the sale of a 15 percent stake in Safaricom Plc to the parent firm, Vodacom Group Limited, warning that the delay threatens a multi-billion-shilling transaction and could undermine investor confidence.

Attorney General reckons that the orders have effectively stalled a live, time-sensitive and market-facing transaction, preventing the government from closing the deal the sale.

Vodacom had readied to wire the billions of shillings to Kenya in anticipation that the High Court on May 18 would lift a freeze on the deal.

The deal has dragged on, putting the State in line to receive a Sh16 billion dividend from the 15 percent stake if Kenya r...