Ethio Telecom will be the first company to list on the Ethiopian Securities Exchange (ESX), the country’s new bourse kicks off next week. The revelation was made by Brook Taye, CEO of the state investment arm Ethiopia Investment Holdings, to Reuters. Ethio Telecom enjoyed a virtual monopoly until the government granted a license to Kenya’s Safaricom in 2022 as part of ongoing economic reforms to foster competition by privatising previously protected sectors. In September, Ethio Telecom CEO Frehiwot Tamru said that the telco will aim for 75% growth over the next year by enhancing its existing services, launching new offerings, and expanding enterprise solutions. “We’re seeing banks in our neighbourhood looking at Ethiopia, we’re seeing North African banks looking at Ethiopia, and some of household banks in West Africa also looking at Ethiopia,” Taye added.

Source: Ethiopian News October 10, 2024 12:47 UTC