Addis Ababa is looking to sell a larger portion of its state-owned telecommunications company, Ethio-Telecom. The company has been in operation for 13 years and was the only operator in the country until October 2022 when Safaricom expanded its services in Ethiopia. The Ethiopian government plans to privatize Ethio-Telecom and has increased the number of shares it plans to sell from 40% to 45%. The government had planned to sell the company in 2022 but paused the sale due to a civil war. The conflict has since ended, and Ethio-Telecom has restored services in 27 towns and cities since then. The government has set a target to raise $675 million from the share sale, which is up from the initial target of $600 million.The Ethiopian government is allowing interested parties until February 23, 2023, to submit their proposals in response to the request for proposal, with a non-refundable fee of $20,000. The government has emphasized the untapped potential in Ethiopia’s telecommunications sector and highlighted Ethio-Telecom’s robust infrastructure and strong financial performance as a significant competitive advantage to any investor.
SOURCE: VENTURES AFRICA