Just four months ago, the corporation offered Ethiopians a ten percent share in the company, which was used to raise this money. Accordingly, the business said that by digitally buying 10.7 million Ethio Telecom common shares from 47,377 people nationwide, it was able to raise over 3.2 billion birr.
With government approval, a second round of share sales will take place, according to Ethio Telecom CEO Frehiwot Tamiru. The demand from investors who purchased shares earlier will determine when the next sale takes place. The business declared that following the Capital Market Authority’s approval procedure, the results would be made public.
In order to allow citizens who become shareholders to trade their shares on the market, the business said that further procedures would be taken to list the company on the Ethiopian Securities Exchange (ESX). In the future, it will also disclose the specific sales procedure for the remaining shares. With the consent of the appropriate authorities and in a way that safeguards the interests of the existing shareholders, these shares will be put back on the market.