Preparations for partial privatization of Ethio Telecom completed

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In a statement issued the Ministry of Finance and the Public Enterprises Holding and Administration Agency have announced the completion of a key milestone in partial privatization of Ethio Telecom.

Following the announcement of the privatization process that started in 2018, the Government of Ethiopia is now ready to release an Expression of Interest (EOI) for the sale of a 40% stake in Ethio Telecom, the statement said.

This is in line with the appointment of Deloitte as a lead transaction advisor, who is now on the final stage of completing the preparatory work which includes business plan, financial, legal and tax due diligence and business valuation following global best practice.

The issuance of the EOI on 15 June 2021 will allow international investors to express interest in acquiring a stake in Ethio Telecom, one of the largest telecom operators in Africa.

Investors will be given 30 days to respond with an expression of interest. After the issuance of the EOI, the process will follow with a Request for Proposal (RFP); and the timeline for the release of the RFP will be communicated in due course, with the aim of completing the transaction in an efficient and streamlined manner, it is indicated.
Source: FBC