Ethio Telecom sold just 10.7% of its shares in an IPO aimed at boosting private investment in Ethiopia’s economy.

Ethiopia’s state-owned Ethio Telecom has sold only 10.7% of the shares offered in its initial public offering (IPO), where the government aimed to reduce its stake in the company, Reuters has reported.

Reuters reported that the IPO was launched on October 16 and closed on February 14. The offering saw Ethio Telecom sell 10.7 million shares out of the 100 million shares made available.

The IPO is part of Prime Minister Abiy Ahmed’s broader strategy to encourage private investment in Ethiopia’s economy, one of the largest in the Horn of Africa.

Source: TechAfrica News