Ethiopia seeks expressions of interest for 40% of State telecoms company

14th June 2021

By: Bloomberg

  

Font size: - +

Ethiopia called for expressions of interest for a minority stake in the State-controlled telecommunications company, starting the process of recruiting a second major investor into the country in less than a month.

Investors have a month, beginning June 15, to submit interest for 40% of Ethiopia Telecommunications Corp, Brook Taye, a senior advisor at the finance ministry, told reporters in Ethiopian capital, Addis Ababa. Requests for proposals will be issued thereafter, Brook said.

The sale in Ethio Telecom, as the company is known, comes on the heels of a new telecommunications license awarded to a Safaricom-led consortium last month. Opening up the sector is part of Prime Minister Abiy Ahmed’s plan to attract more foreign capital and maintain one of the fastest economic growth rates in Africa, and create more jobs.

Ethio Telecom generated revenue of 25.6-billion birr ($600-million) in the six months through December and has about 53-million subscribers. The government will retain 55% of the company, while 5% will be provided to Ethiopian investors probably through an initial public offering, according to Brook.

Ethiopia, Africa’s second most populous nation with about 110-million people, is one of the largest remaining telecommunications markets and has for long been coveted by investors, including Vodafone Group, Orange and MTN Group.

Edited by Bloomberg

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION