Kenya's leading mobile telephone company, Safaricom, has proposed an ambitious plan to enable shareholders to covert cash dividends into equity through the country's first dividend reinvestment plan (DRIP).Safaricom will seek approval from the Capital Markets Authority (CMA) for the plan to allow investors to purchase more shares in the firm instead of receiving dividends. The DRIPs are invariably different from Scrip issues which require the formation of new shares and will most likely involve the use of Safaricom's treasury stock estimated at over 79 billion shares.No other company listed at the Nairobi Stock Exchange has come out publicly to introduce DRIPs although there are rumours that power generating firm Kengen may have expressed interest to the market regulator.