Ethio Telecoms sells just 10.7% of shares in IPO
ADDIS ABABA: Ethiopia's state-owned
Ethio Telecom
sold only 10.7% of the shares in its initial public offering in which the government sought to trim its equity in the firm.
The IPO is part of the government of Prime Minister Abiy Ahmed's broader plan to expand private investment in the Horn of Africa economy.
During the IPO, which commenced on October 16 and closed on February 14, Ethio Telecom sold 10.7 million shares out of 100 million on offer, Chief Executive Officer Frehiwot Tamiru said at a press conference in the capital Addis Ababa.
The sale generated 3.2 billion Ethiopian Birr ($24.50 million) from 47,377 investors who took part in the IPO.
Frehiwot said the relatively low uptake was partly because the company restricted the sale to only Ethiopian citizens. Ethiopians who had acquired foreign citizenship were not allowed to participate.
"It is because of those restrictions we put on," Frehiwot said, explaining the low uptake. She added some investors were also put off by the 1 million Birr limit of shares that any individual investor could buy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
3 days ago
- NDTV
Ethiopia's Mega Dam On The Nile Now Complete
Ethiopia's Prime Minister Abiy Ahmed on Thursday said a multi-billion-dollar mega-dam on the Blue Nile that has long worried neighbouring countries is complete and will be officially inaugurated in September. The Grand Ethiopian Renaissance Dam (GERD), launched in 2011 with a $4-billion budget, is considered Africa's largest hydroelectric project stretching 1.8 kilometres (just over one mile) wide and 145 metres (475 feet) high. Addis Ababa says it is vital for its electrification programme but it has been a source of tensions with downstream nations Egypt and Sudan who worry it will affect their water supply. Speaking in parliament, Abiy said GERD "is now complete, and we are preparing for its official inauguration". "To our neighbours downstream -- Egypt and Sudan -- our message is clear: the Renaissance Dam is not a threat, but a shared opportunity," he added. "The energy and development it will generate stand to uplift not just Ethiopia." The Pride of #Africa, the Grand Ethiopian Renaissance Dam #GERD, was proposed, built, and completed through the efforts and determination of the #Ethiopian people. The Nile nations form a #Noble family, united by #Abbaystream through the #CFA.🇪🇹 @MFAEthiopia @HItefa @GHessebon — Ethiopian Embassy Djibouti (@ETEmbassyJIB) June 22, 2025 Ethiopia first began generating electricity at the project, located in the northwest of the country around 30 km from the border with Sudan, in February 2022. At full capacity, the huge dam can hold as much as 74 billion cubic metres of water and could generate more than 5,000 megawatts of power -- more than double Ethiopia's current output. The east African country is the second most populous on the continent with a rapidly growing population currently estimated at 130 million and has growing electricity needs. Around half the population lives without electricity, according to estimates earlier this year by the World Bank. Opposition Egypt and Sudan have voiced concerns about GERD's operation without a three-way agreement, fearing it could threaten their access to vital Nile waters. Negotiations have failed to make a breakthrough. Egypt, which is already suffering from severe water scarcity, sees the dam as an existential threat because it relies on the Nile for 97 percent of its water needs. But Abiy said Addis Ababa is "willing to engage constructively", adding that the project will "not come at the expense" of either Egypt or Sudan. "We believe in shared progress, shared energy, and shared water," he said. "Prosperity for one should mean prosperity for all." The position of fragile Sudan, which is currently mired in a civil war, has fluctuated in recent years.
Hindustan Times
18-06-2025
- Hindustan Times
Airlines suspend flights after Israel strikes Iran
Israel's strikes against Iran have prompted international airlines to halt flights to some Middle East destinations. Israel launched its air war, its largest ever on Iran, last week on Friday after saying it had concluded the Islamic Republic was on the verge of developing a nuclear weapon. Iran, however, denies seeking nuclear weapons. Follow LIVE updates. Thousands of people have fled Tehran and other major cities as Iran and Israel launched new missile strikes at each other, even as US President Donald Trump called for Tehran's unconditional surrender. Here's a list of the airlines that have cancelled their flights to and from the region: Greece's Aegean Airlines cancelled all flights to and from Tel Aviv up to and including the early morning flight on July 12, as well as all flights to and from Beirut, Amman, and Erbil through the morning arrivals of June 28. Latvia's airBaltic said that all flights to and from Tel Aviv until June 23 had been cancelled. Russia's Aeroflot said that it had cancelled flights between Moscow and Tehran, and made changes to other routes in the Middle East after Israeli strikes on Iran. Also Read | Who will succeed Iran's Supreme Leader Ayatollah Ali Khamenei if Israel takes him down? Here are top 5 contenders The Spanish airline said that it has cancelled its flights to and from Tel Aviv until July 31. Air France said that it had suspended its flights to and from Tel Aviv until further notice. KLM said that it had cancelled all its flights to and from Tel Aviv until at least July 1 and added that some flights to, from or via Beirut may be disrupted. Transavia said that it had cancelled flights to and from Tel Aviv, Amman and Beirut until June. Air India said that multiple flights were either being diverted or returning to their origin. The Israeli airline said that it was cancelling all its flights until June 21. The Greek airline said that it had cancelled all its flights to and from Israel between June 13 and June 24 (inclusive) and those between June 25 and June 30 are closed for new bookings until the security situation becomes clearer. The U.S. carrier said that travel to, from, or through Tel Aviv may be impacted between June 12 and August 31. El Al Israel Airlines said that it had cancelled its regular flight schedule for EL AL and Sundor through June 23. The Ethiopian carrier said it suspended all flights between Addis Ababa and Tel Aviv in both directions until June 22. Etihad Airways said that it had cancelled flights between Abu Dhabi and Amman until June 20 and between Abu Dhabi and Tel Aviv until June 22. Emirates said that it had temporarily suspended flights to and from Jordan (Amman) and Lebanon (Beirut) until and including June 22, and Iran (Teheran) and Iraq (Baghdad and Basra) until and including June 30. Flydubai said that it had temporarily suspended flights to and from Iran, Iraq, Israel and Syria until June 30. The Georgian airline cancelled its flights to and from Tel Aviv until June 22. IAG-owned British Airways said its flights to Tel Aviv remain suspended until July 31 and flights for Amman and Bahrain are suspended up to and including June 30. IAG's low-cost airline, Iberia Express, had previously informed that it had cancelled its flights to Tel Aviv until June 30. The Israeli airline said that it had cancelled all its flights from and to Israel until June 30. The Italian Airline said that it would extend the suspension of Tel Aviv flights until July 31, including two flights scheduled on August 1. Lufthansa said that it had suspended all flights to and from Beirut until and including June 30 and to and from Tel Aviv and Tehran until and including July 31. Flights to and from Amman and Erbil are cancelled until and including July 11. The German airline added that will also refrain from using airspace of the countries concerned until further notice. The Turkish airline said that it had cancelled flights to Iran until June 30 and flights to Iraq, Lebanon and Jordan until June 23. Qatar Airways said that it had temporarily cancelled flights to and from Iraq, Iran and Syria. Ryanair said that it had cancelled flights to and from Tel Aviv until Sept 30. Romania's flag carrier said that it had suspended all commercial flights to and from Tel Aviv until June 23 and to Beirut and Amman until June 20. The Cypriot airline cancelled all its flights to and from Israel scheduled until June 24 (inclusive). Flights scheduled for departure between June 25 and June 30 are currently closed for sale, pending further developments, it said. Turkish Airlines and other Turkish operators have cancelled flights to Iran, Iraq, Syria and Jordan until June 16, Turkey's transport minister said. The U.S. carrier said that travel to and from Tel Aviv may be affected between June 13 and August 1. Wizz Air said it had suspended its operations to and from Tel Aviv and Amman until Sept 15. The Hungarian airline will also avoid overflying Israeli, Iraqi, Irani and Syrian airspace until further notice.
Time of India
18-06-2025
- Time of India
Ethiopian Airlines starts Hyderabad flights: Direct route to Addis Ababa launched; seeks expansion in India
Representative image HYDERABAD: Africa's largest carrier - Ethiopian Airlines - has added Hyderabad to its itinerary on Tuesday with thrice-a-week direct flight services to Addis Ababa. The airlines urged the Indian govt to review the bilateral air service agreement so that it can expand operations in the world's fastest-growing aviation market. "We are in touch with the Indian govt through Ethiopian civil aviation authorities and the Indian embassy to review our bilateral agreement as it has not been revised for over 20 years now. We are pushing for more bilateral slots by year-end," Teklehaimanot G Yohannes, MD- International Services, Ethiopian Airlines Group, told TOI here. He said the airline currently operates 50 weekly dedicated passenger and cargo flights to five Indian cities - Delhi, Mumbai, Bengaluru, Chennai, Ahmedabad, and now Hyderabad. This includes 38 flights per week to five cities - Delhi, Mumbai, Bengaluru, Chennai, and Hyderabad.
