Ethio Telecom Launches Initial Share Offering

Ethio Telecom has launched a historic public share sale, offering 100 million ordinary shares at 300 birr each, marking Ethiopia's first initial public offering. The sale, which runs from October 16, 2024, to January 3, 2025, allows Ethiopian citizens to purchase a minimum of 33 shares, with a maximum limit of 3,333 shares. Prime Minister Abiy Ahmed emphasized that this initiative is a significant step towards liberalizing the economy and expanding access to ownership in state-owned enterprises. Following the sale, Ethio Telecom plans to become the first company to list on Ethiopia's new stock market, paving the way for further privatization efforts. This move is part of a broader strategy by the government to attract private investment and modernize the telecommunications sector, previously held under a monopoly. The share sale will be facilitated through the company's mobile payment platform, enhancing convenience for potential investors.