Ethiopia reportedly set in motion the process for the sale of a 40 per cent stake in Ethio Telecom, with the move coming three years after it unveiled plans to open up the state-run operator to private investors.
Reuters reported the country launched a tendering process today (14 June) which allows potential investors to express their interest in owning a minority portion of the operator.
Ethiopia’s Public Enterprises Holding and Administration Agency deputy director Zinabu Yirga said the step represented the first of a number of stages to choose a successful bidder for Ethio Telecom’s stake, the news agency reported.
He also reportedly highlighted a desire among Ethiopian officials for government-owned enterprises to be productive and competitive as the driving force behind the move.
Brook Taye, senior adviser at the Ministry of Finance, explained the stake would be sold to a single investor, Reuters reported.
Ethiopia has been targeting privatisation in the telecoms market since 2018 but recent plans to complete the sale of Ethio Telecom’s stake in early 2021 were apparently delayed.Subscribe to our daily newsletter Back