Ethio Telecom has initiated the sale of 100 million ordinary shares, marking a significant step towards partial privatization. Originally planning to offer 45 percent of its shares to foreign investors, the company instead decided to make 10 percent of its equity available to the public. This public share offering began on October 16, 2024, and will remain open until January 3, 2025.
Each share is priced at 2.54 USD. This offering coincides with the telecom’s plans to become the first company listed on the upcoming Ethiopian Securities Exchange. Brook Taye(PhD), the CEO of Ethiopian Investment Holdings, said that this initial public offering (IPO) would provide valuable experience in preparing other state-owned enterprises for future listings on the stock exchange.
Ethio Telecom currently serves more than 78 million subscribers. Until October 2022, it held a monopoly in the country’s telecommunications market, before Safaricom, a Kenya-based operator, entered the Ethiopian market.
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