Ethio Telecom has announced that 95 percent of individuals who applied to buy shares in the state-owned enterprise have been successfully verified as legitimate shareholders. A total of 45,377 buyers met the required criteria to secure 10.7 million shares, generating 3.2 billion Ethiopian Birr (ETB) in capital. This milestone marks a critical step forward in the company’s transition toward public ownership and its upcoming listing on the Ethiopian Securities Exchange.
According to Ethio Telecom Chief Executive Officer Frehiwot Tamru, while the vast majority of applicants successfully navigated the vetting process, 1,646 share buyers have not yet been fully verified due to missing or incomplete National ID (Fayda) documentation. The telecom giant has issued an urgent call to these remaining applicants to update and finalize their personal identification records immediately, reassuring stakeholders that data cleansing and organizing efforts will continue robustly in the coming weeks.
In tandem with the verification updates, the company addressed the status of international applicants who did not meet the strict eligibility requirements for the share sale. Ethio Telecom confirmed that 248 foreign nationals applied to purchase a combined total of 105,000 shares. Because foreign nationals do not meet the set prerequisites for this specific domestic offering, the company announced that their initial payments will be verified and fully refunded.
To facilitate smooth trading once the capital market goes live, Ethio Telecom has outlined specific mandatory procedures for its verified investors. Shareholders looking to buy additional stock or sell their existing shares must first open a formal trading account. This process requires investors to physically approach investment banks or brokerage firms that have been officially licensed by the Ethiopian Capital Market Authority (ECMA) to manage secondary market transactions.
Looking ahead, Frehiwot Tamru confirmed that shareholders who complete the digital transition of their ownership certificates will see their rights fully protected starting from the beginning of the upcoming fiscal year. Ethio Telecom plans to release its comprehensive annual performance and financial audit reports to the public soon. Following this, the company will convene its historic first General Assembly of shareholders to declare initial dividend distributions and introduce key strategic decisions to its new stakeholders.