Ethio Telecom preps shares sale

Ethio Telecom preps shares sale

The Ethiopian government opened up for international investors to acquire a 40% stake in state-owned operator Ethio telecom, a move seemingly to keep the provider competitive against new player Safaricom, while also touting a third telecoms licence.

State-affiliated publication Fana quoted Ethiopia’s finance minister Ahmed Shide confirming the shares sale, reported Reuters.

The ministry also invited international companies to bid for a third telecoms license, after only opening up its telecoms market earlier this year.

The Ethiopian government said in March it had postponed plans to sell off a stake in Ethio telecom to private firms because of the global shifting of economic environments. It launched a tender process in June 2021 for the partial sale.

In December, the government suspended the tender process for a telecom licence after inviting proposals three months prior.

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