Ethiopia’s state-owned telecommunications company, Ethiotelecom, has announced a groundbreaking decision to sell 10 percent of its shares to the public, marking a significant milestone in the country’s telecom sector. This move comes after the government’s recent initiative to open up the telecom industry to private investors, putting an end to Ethiotelecom’s long-standing monopoly.
The sale of shares is scheduled to kick off on October 23, 2024, and will attract both local and international investors who are eager to own a piece of one of Africa’s largest telecom providers. This partial privatization is expected to introduce healthy competition, improve service quality, and drive innovation within the sector, ultimately benefiting consumers.
Ethiotelecom has played a crucial role in Ethiopia’s progress by offering a range of services, from fixed-line telephones to mobile internet, thereby contributing to the country’s digital transformation. However, with the growing demand for faster and more reliable services, this strategic decision to partially privatize the company aims to meet the evolving needs of the market.
Despite the partial privatization, the Ethiopian government has made it clear that the majority stake in Ethiotelecom will remain under state control to safeguard public interest in the company while encouraging new investments to modernize the sector. Additional information on how and where the shares can be purchased will be announced soon as Ethiotelecom prepares to embark on a new era of public-private partnership in Ethiopia’s telecom industry.
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