Ethio Telecom

Ethio Telecom Fails to Meet Target of Share Sales

Ethio Telecom, Ethiopian state owned telecommunication company, has extended the deadline for sale of its 10% shares. It failed to meet the target of selling the shares till January 3.

In October last year, Ethio Telecom offered 100 million shares to Ethiopian investors. One share was priced at 300 birr. One investor must buy a minimum of 33 shares, while at maximum 3,333 shares can be bought by one investor. Buyers have to pay 1.5% service fee & 15% value-added tax (VAT). The shares are being sold on Telebirr, Ethio Telecom’s mobile application. In October 2024, the company announced that that the last date for buying the shares will be January 3, 2025. Yesterday Ethio Telecom announced that the share sale will continue until February 14, 2025.

According to experts, the target set by the telecom company of selling 100 million shares could not be achieved. The company is expected to be listed on the newly inaugurated Ethiopian Stock Exchange. On Friday, Ethiopian Prime Minister formally launched the Ethiopian Securities Exchange.

It seems that the worsening economic conditions in Ethiopia and deficit of investor trust are the main causes behind Ethio Telecom’s failure to meet its target.

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