Ethiopia has taken a significant step in the partial privatisation of the government owned Ethio Telecom, following the release of an Expression of Interest (EOI) for the sale of a 40% stake in telco.
The completion of this key milestone in the Ethio Telecom privatisation which began in 2018, was announced at a press conference by the Ministry of Finance and Public Enterprises Holding and Administration Agency.
Deputy Director General System Design at Public Enterprises Holding and Administration Agency (PEHAA), Zinabu Yirga stated that the issuance of the EOI will allow international investors to express interest in acquiring a stake in Ethio Telecom within one month starting from June 15, 2021.
Deloitte has been appointed as a lead transaction advisor. The firm is now in the final stage of completing the preparatory work which includes business plan, financial, legal and tax due diligence and business valuation following the global best practice, it was indicated.
Ethiopia, which has a population of more than 100 million, is seen as one of the world’s last major untapped markets and International telecom operators have greatly desired opportunities available in the East African country.