Nairobi, Feb. 24 -- Kenya has given Uganda the right to veto future hiring and firing of the Kenya Pipeline Company (KPC) CEO as part of an agreement reached last week for Kampala to buy over Sh20 billion stake and save the firm's initial public offering (IPO).

Kampala will also approve future issuance of fresh shares in KPC, in a move aimed at preventing dilution of its ownership in the company.

Kenya gave the concessions, including two board seats in the firm, after the neighbouring country threatened to walk away from the KPC IPO because of a lack of authority in the running of the firm.

The Kenyan government isselling a 65 percent stake in KPC via the Nairobi bourse.

The Ugandan threat would have denied the IPO over Sh20 billion f...