Ethio telecom to begin selling 10 percent shares --[Reported by Umva mag]

Ethiopia’s state-owned telecommunications giant, Ethio Telecom said it will begin selling 10 percent of its shares to the public shortly.

The sale, which is set to commence on Wednesday, October 23 , 2024, follows the government’s recent decision to open up the telecom sector to private investors, ending Ethio Telecom’s century-long monopoly.

“This move aligns with Ethiopia’s broader economic reforms aimed at encouraging private sector participation and boosting the country’s economy,” the company said Saturday in a statement.

The partial privatisation is expected to offer domestic and international investors a chance to own a stake in one of Africa’s largest and oldest telecommunications providers. It is also expected to increase competition, enhance service quality, and further drive innovation in the sector.

Ethiotelecom has been a key player in Ethiopia’s development, offering services ranging from fixed-line telephone to mobile internet, contributing significantly to the country’s digital transformation.

However, with increasing demands for faster, more reliable services, this partial privatization is seen as a strategic move to meet the evolving needs of the market.

The company indicated that the remaining majority stake in Ethio Telecom will remain under state control, ensuring public interest in the company is maintained while encouraging fresh investment to modernize the sector.

MG/as/APA

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