Stakes of Ethio Telecom to be Sold to Foreign Companies, Ethiopian Nationals

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Addis Ababa, September 7/2020(ENA) The Government of Ethiopia has passed decision to issue licence to two winner international telecom companies that will hold 40 percent stakes of in Ethio Telecom.

While 40 percent of the stakes are to be transferred to two winning companies, 5 percent will be sold to Ethiopian nationals, it was learned.

Stakeholders have held discussion today with PM Abiy Ahmed to get input on the privatization process of Ethio Telecom.

Presenting a discussion paper at the workshop, Finance State Minister Eyob Tekalign said lots of work were carried out to improve the telecom sector which is part of the country`s homegrown economic reform.

Winner companies that take up the 40 percent share will be determined by a bid to be floated soon, he added.

Next, 5 percent stakes are going to be sold to Ethiopian nations and the remaining 55 percent will remain in the hands of Ethio Telecom.