Ethiopian telecommunications giant Ethio Telecom said it would soon start selling 10% of its shares to the public.
The sale of Ethio telecom shares, which is expected to begin on Wednesday October 23, 2024, follows the government’s recent decision to open the telecommunications sector to private investors, thus ending the company’s century-old monopoly.
« The move is part of Ethiopia’s broader economic reforms aimed at encouraging private sector participation and boosting the country’s economy “, the company said in a statement on Saturday.
The partial privatization is expected to offer domestic and international investors the opportunity to take a stake in one of Africa’s largest and oldest telecommunications providers. It should also increase competition, improve the quality of services and stimulate innovation in the sector.
Ethio Telecom has been a key player in Ethiopia’s development, offering services from landline to mobile internet, and significantly contributing to the country’s digital transformation.
However, given the growing demand for faster and more reliable services, this partial privatization is seen as a strategic move to meet the evolving needs of the market.
The company said the remaining majority stake in Ethio Telecom will remain under state control, ensuring continued public interest in the company, while encouraging further investment to modernize the sector.
MG/as/lb/Sf/ac/APA
