Prime Minister of Ethiopia launches Ethio Telecom 10% public shares offer
Date: 2024-10-16
Ethiopia’s Prime
Minister, Dr. Abiy Ahmed has officially launched the 10% share sale of Ethio
Telecom, one of Africa's pioneering telecommunications operators which has served
Ethiopia and its people for an impressive 130 years. The initiative aims to
expand public participation in one of the country’s most essential
institutions, enhancing its growth and development.
Following the
public IPO launch, a total of 100 million ordinary shares are being offered for
sale in Ethiopia through the Telebr SuperApp, an innovative platform that will
enable Ethiopians to easily access the share purchase process. The share sale
is designed to be inclusive, with a minimum share price set at 9,900 Birr,
allowing individuals to acquire as few as 33 shares. For those looking to invest
more, the maximum share amount is capped at 999,900 Birr, equivalent to 3,333
shares.
Speaking during
the event, Prime Minister Abiy Ahmed stated the importance of the share sale,
describing it as a unique opportunity for Ethiopians to invest in their
national telecom operator and become part of its legacy. “This is more than
just an investment; it is a chance for every Ethiopian to play a role in the
future of our country,” he said. “We encourage all citizens to seize
this opportunity to support Ethio Telecom and, in turn, strengthen our
economy.”
Ethio Telecom, with 79 million
subscribers and 50 million mobile money users, has set an ambitious revenue
target, aiming for a 75% increase to reach 163.7 billion birr ($1.1 billion) by
2024/25. Last year, the state-owned operator generated 93 billion birr in
revenue.
The share sale
is expected to stimulate economic growth by broadening the ownership base of
Ethio Telecom, encouraging more robust participation in the country’s
burgeoning digital economy.
By: Kanto Okanta
