Ethio Telecom Opens Share Sale to the Public, Valued at 100 Million Shares

Prime Minister Abiy Ahmed Announces Sale of 10% of Ethio Telecom’s Shares, Valued at 30 Billion Birr

In a ceremony attended by Prime Minister Abiy Ahmed (Dr.), Ethio Telecom officially announced the sale of 10% of its shares to the Ethiopian public. The share sale, which will run from October 16, 2024, to December 25, 2024, is part of a broader effort to introduce Ethiopians to the stock market and foster public participation in the economy.

Ethio Telecom, one of Ethiopia’s most profitable enterprises, has a capital of 100 billion Birr, according to its 2016 financial report. The international third-party market valuation places the company’s worth at 300 billion Birr. In the first round of regular share sales, 100 million shares are being offered at a price of 300 Birr per share.

If all 100 million shares are sold, Ethio Telecom is expected to earn 30 billion Birr. Individuals can purchase a minimum of 33 shares, amounting to 9,900 Birr, while the maximum number of shares allowed is 3,333, totaling 999,900 Birr. A 1.5% service charge and value-added tax (VAT) will be applied to the share price.

All transactions must be made in Ethiopian Birr, and purchases will be processed through Tele Birr. Buyers are required to complete payments within 48 hours of purchase. The maximum stock limit cannot be exceeded, ensuring fair participation. The final list of shareholders will be announced on January 23, 2025.

Prime Minister Abiy urged Ethiopians to take advantage of this opportunity to invest in one of the country’s leading companies and become part of Ethiopia’s economic transformation.