Ethio Telecom, one of Africa’s pioneering telecommunications companies, has announced the public sale of 100 million ordinary shares as part of Ethiopia’s ongoing economic reform initiatives. This is the first time in history that the company is offering shares to the public, marking a significant milestone in Ethiopia's efforts to transform its economy and strengthen its capital market.
The Ethiopian government has been undertaking numerous strategic initiatives to modernize key sectors, including telecommunications, finance, and infrastructure. This share sale by Ethio Telecom comes as part of a broader plan to enable the private sector to play a larger role in the economy. It also supports the government’s vision to accelerate digital transformation and financial inclusion under its Digital Ethiopia strategy.
Offering 100 Million Shares to the Public
Ethio Telecom, which serves over 79 million subscribers across Ethiopia, has modernized its services and expanded its digital and telecom infrastructure nationwide. By offering 100 million ordinary shares to the public, valued at 300 birr per share, the company seeks to expand its capital base and drive further improvements in service quality and reach.
This share sale allows Ethiopian citizens and investors to purchase shares in one of the country’s most significant state-owned enterprises, now transitioning to a share company. The sale process will be carried out via the telebirr SuperApp, with shares available for a minimum investment of 9,900 birr (33 shares) and a maximum of 999,900 birr (3,333 shares). The share sale period is open from October 16, 2024, to January 3, 2025.
Prime Minister Abiy Ahmed’s Vision for Ethiopia’s Economic Evolution
Speaking at the launch of the share sale, Ethiopian Prime Minister Abiy Ahmed highlighted the importance of this moment in Ethiopia’s economic evolution: “Today marks a significant milestone as we launch the sale of Ethio Telecom shares, an essential step in our ongoing journey from political revolution to economic evolution. With 50 million Ethiopians transacting via mobile money, this share offering lays the groundwork for Ethiopia’s stock market and provides citizens with an opportunity to own part of one of the nation’s leading institutions.”
The move underscores the Ethiopian government’s commitment to inclusive growth, economic diversification, and the promotion of domestic and foreign investment.
Unlocking Digital and Economic Potential
Ethio Telecom’s transformation into a share company is seen as a key part of Ethiopia’s Digital Ethiopia strategy, aimed at harnessing the power of digital services to promote economic growth and inclusion. Since its establishment 130 years ago, the company has been at the forefront of connecting Ethiopians, now playing an even greater role in the country’s digital financial inclusion.
The sale of Ethio Telecom shares marks a historic moment for Ethiopia, offering citizens a chance to become shareholders in one of the most important companies in the country. It is a critical step toward creating a reliable and transparent capital market in Ethiopia.
