(Bloomberg) -- Ethiopia will start selling a 10% stake next week in its largest telecommunications operator Ethio Telecom, ahead of a listing on the country’s new stock exchange.
The public will be able to buy shares on Ethio Telecom’s mobile money platform, telebirr, from Oct. 16, the company said Friday in an invite to the event.
At least five other state-owned companies are lined up to list on the Ethiopian Securities Exchange, which is expected to be operational next month.
“This initial public offering will help us to learn and strategize to facilitate the listing of other state-owned enterprises on the Ethiopian Securities Exchange,” said Brook Taye, Chief Executive Officer of the Ethiopian Investment Holdings. Ethio Telecom CEO Frehiwot Tamru wasn’t immediately available for comment.
The government will retain a 45% stake in Ethio Telecom and the balance will be made available for foreign investors.
The company had 78.3 million subscribers and reported a profit 21.8 billion birr ($184 million) in the year ending July 7.
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