Ethiopian Securities Exchange (ESX) is picking up steam with insurers jumping on board as founding shareholders. Zemen Insurance and United Insurance have invested 20 million Br and 30 million Br respectively, setting the trend for the industry. This move by insurers follows similar investments by prominent banks, state-owned enterprises, and investment groups. Zemen, Siinqee, Global Ethiopia, and Hibert banks have each invested 50 million Br, while Awash Bank made a substantial investment of 70 million Br. Investment Holdings and FSD Africa have also committed significant investments. ESX is finalising its capital raising process and is on track for a September launch, buoyed by the confidence of these major institutions. Tilahun Kasahun, CEO of Exchange, signed a memorandum of understanding with the CEOs of the insurance companies last week. He applauded the investments made, particularly at a crucial juncture as Exchange finalises its capital raising process, slated for launch in September.
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