Radar | Aug 14,2021
The federal government has announced it is postponing efforts for the partial privatisation of Ethio telecom.
Earlier today, a press release from the Ministry of Finance cited "recent developments" and "fast-moving macroeconomic changes" are behind its decision to postpone the privatisation process indefinitely.
The EPRDF executive committee first decided to go ahead with the partial privatisation of the state-owned giant in June 2018.
In mid-2020, the Ministry of Finance announced a 40pc stake in the public enterprise would be availed to private investors. A five percent stake was to be floated to the public.
Deloitte was hired as an advisor for the privatisation process at a cost of 3.78 million dollars sourced from the World Bank later that year.
The Finance Ministry had issued a request for proposals last September but little has transpired since.
Ethio telecom generated 56.5 billion Br in revenues last year. The state-owned giant's monopoly on the telecom market is set to come to an end next month when Safaricom Ethiopia Plc begins commercial operations.
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