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Ethiotelecom, Ethiopia’s state-owned telecommunications giant, has announced plans to begin selling 10 percent of its shares to the public. This marks a historic moment in the company’s 130-year legacy of providing cutting-edge telecom services across the country.
The sale, which is set to commence on Wednesday, October 23 , 2024, follows the government’s recent decision to open up the telecom sector to private investors, ending Ethiotelecom’s century-long monopoly. This move aligns with Ethiopia’s broader economic reforms aimed at encouraging private sector participation and boosting the country’s economy.
According to insiders from Ethiotelecom, the partial privatization will invite domestic and international investors, offering them a chance to own a stake in one of Africa’s largest and oldest telecommunications providers. It is expected to increase competition, enhance service quality, and further drive innovation in the sector.
Ethiotelecom has been a key player in Ethiopia’s development, offering services ranging from fixed-line telephone to mobile internet, contributing significantly to the country’s digital transformation. However, with increasing demands for faster, more reliable services, this partial privatization is seen as a strategic move to meet the evolving needs of the market.
The Ethiopian government has indicated that the remaining majority stake in Ethiotelecom will remain under state control, ensuring public interest in the company is maintained while encouraging fresh investment to modernize the sector.
More details on how and where the shares will be available for purchase are expected in the coming days, as Ethiotelecom prepares to usher in a new chapter of public-private partnership in Ethiopia’s telecom industry.
that’s a good progress in order to sustain national developments.