Ethio Telecom, a government-owned entity, has been granted a broker license, allowing it to sell a 10 percent stake to local investors through its Telebirr application, as reported by a reporter newspaper.
Starting Wednesday, October 16, 2024, 10 percent of Ethio Telecom’s total equity will be divided into shares for sale. These shares will be available exclusively to domestic stock buyers, following a prior government decision.
While there was an earlier announcement regarding the Ethiopian Securities Exchange beginning operations by trading 10 percent of Ethio Telecom, this plan has changed. It has now been confirmed that Ethio Telecom itself will market its shares directly to the public via the Telebirr app.
During the African Investment Conference in London on October 8, 2024, Brook Taye (Dr.), Chief Executive Officer of Ethiopian Investment Holdings, reiterated that the 10 percent share of Ethio Telecom would be made available for purchase next week, highlighting the investment opportunities in Ethiopia.
Dr. Brook also mentioned that the Ethiopian Securities market is set to officially launch next month. However, he clarified that Ethio Telecom will not utilize the Securities market for this 10 percent share sale; instead, it will conduct the transaction directly through its Telebirr application, bypassing the costly initial public offering process.
Ethio Telecom has also received a broker license from the Ethiopian Capital Markets Authority.
Source: Reporter
