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June 17 , 2020
Four global consulting firms have appeared yesterday offering their service and expertise to advise on the partial privitisation of the state-owned Ethio telecom. Ernst & Young (EY) has made the lowest offer, bidding against Deloitte, PwC and Ronald Berger.
Issued by the Ministry of Finance in October of last year, the bid had initially drawn the attention of five companies: Roland Berger, PwC, KPMG, EY and Deloitte. KPMG was disqualified due to conflict of interest that could arise following its ongoing contract with Ethio telecom in conducting the asset valuation, according to officials undertaking the bid process.
The firm to be awarded will have the job of preparing the the bid documents for the partial privatisation, reviewing the initial determination of the minimum value, and undertaking legal due diligence including taxes, contracts and liabilities.
The Ethiopian government has decided to divest 45pc of the company for privatisation, keeping 55pc under state ownership. Five percent will be availed for public subscription.
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