Fortune News | Mar 09,2024
Nov 16 , 2022
The federal government rekindled its push to privatise the state-owned Ethio telecom. A call for an expression of interest (EOI) for the partial privatisation of Ethio telecom is out today after Finance Minister Ahmed Shide reinstated the EOI, where interested bidders are expected to submit documents before the deadline on December 19, 2022.
Last year, the first EOI for the 40pc stake of Ethio telecom was announced, inviting interested bidders to present three-year audit reports before the deadline in July 2021.
However, the process was halted due to domestic and international economic slowdown, according to the State Minister for Finance Eyob Tekalign (PhD).
Deloitte continues as a transaction adviser for the privatisation process, through which five percent will be sold to domestic investors.
A regulation approved by the Council of Ministers raised Ethio telecom’s authorised capital by 10-fold to 400 billion Br two years ago. The domestic telecom market is joined by Safaricom, which became fully operational in the capital a few months ago.
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