Ethio Telecom, the 100 percent state-owned company, is set to offer its shares to the public by listing itself on the coming soon capital market of Ethiopia.
Today Prime Minister Abiy Ahmed of Ethiopia met with the board of Ethiopian Investment Holdings to assess Ethio Telecom’s readiness to go public and to evaluate the Capital Markets Authority’s progress in operationalizing the capital markets.
“The introduction of a stock market and exchange in Ethiopia is poised to be a game-changer, supporting Ethiopia in achieving its growth aspirations and attracting new capital. This marks an exciting chapter for the nation,” Abiy twitted.
It is recalled that a few weeks ago, the Capital Markets Authority of Ethiopia has indicated its readiness to accept applications and issue 15 different license types for individuals and institutions interested in providing capital market services.
Ethio Telecom is one of the most profitable state enterprises in Ethiopia generating billions of dollars annually. From July 1, 2022 to June 30, 2023, the company has generated a total of 75.8 billion Ethiopian Birr in revenue and achieved 101% of its target.
The latest report of the company shows that by the end of December 2024, the total number of Ethio telecom subscribers has reached 74.6 million and generated a total revenue of of 42.86 billion Birr.
The increment is a 4.7 million or 6.7% increase from the previous budget year similar period. When seen in terms of service types, Mobile voice subscribers reached 71.7 million, Fixed broadband 688,300, fixed Voice 834,000 and data and internet users reached 36.4 million. Telecom density has reached 68.5%.