Ethiopia’s state owned telecommunication company, Ethio Telecom, will sell its shares on Wednesday. The company will sell its shares on Telebirr.
Ethio Telecom is one of profitable Ethiopian entities. Earlier this year, the Ethiopian Prime Minister Abiy Ahmed announced that Ethio Telecom will sell its shares on the Ethiopian Stock Exchange. The stock market is expected to start its operations next month.
It seems that the plan has been changed. Ethio Telecom has been allowed by the Ethiopian Investment Holdings (EIH) to sell its shares directly through Telebirr. One of the reasons behind this change of plan is huge initial cost incurred in case of selling of share on the new bourse.
The telecom company will sell only 10% of its shares and shares will be sold only to domestic buyers. The CEO of Ethiopian Investment Holdings Biruk Taye broke this news about offer of shares by Ethio Telecom to public. The CEO said that the Ethiopian investment opportunities will be available next week.
Ethio Telecom is one of profitable Ethiopian stated owned organization. It earned 93 billion birr in the 2023-2024 fiscal year.
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