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Reuters
25-04-2025
- Business
- Reuters
Ethio Telecoms sells just 10.7% of shares in IPO
Item 1 of 4 Ethio-Telecom Chief Executive Officer, Frehiwot Tamiru, addresses the media during the six months share sale amount announcement in Addis Ababa, Ethiopia, April 25, 2025. REUTERS/Tiksa Negeri [1/4] Ethio-Telecom Chief Executive Officer, Frehiwot Tamiru, addresses the media during the six months share sale amount announcement in Addis Ababa, Ethiopia, April 25, 2025. REUTERS/Tiksa Negeri Purchase Licensing Rights, opens new tab ADDIS ABABA, April 25 (Reuters) - 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. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. 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. ($1 = 130.6305 birr) Writing by Elias Biryabarema. Editing by Ayen Deng Bior and Mark Potter Our Standards: The Thomson Reuters Trust Principles., opens new tab
Egypt Today
15-02-2025
- Politics
- Egypt Today
38th Ordinary Summit of Heads of State, Government of AU kicks off in Addis Ababa
File- Member states of the African Union in session at the union's headquarters in Addis Ababa, Ethiopia. Tiksa Negeri/Reuters CAIRO – 15 February 2025: The 38th Ordinary Summit of Heads of State and Government of the African Union (AU) kicked off in the Ethiopian capital Addis Ababa on Saturday. Meetings of the 38th Ordinary Session of the Assembly of the AU will last for two days with the participation of a large number of African heads of state and government. The meeting will commence with the AU anthem followed by opening statements from various leaders. The Assembly will take place under the AU theme for 2025, 'Justice for African and People of African Descent Through Reparations'. In this context, it is expected that the Summit will review and assess what has been achieved in Africa's efforts towards the attainment of long overdue justice and reparations and decades of colonialism and apartheid, slavery and the trans-Atlantic slave trade. One of the highly anticipated responsibilities of the forthcoming Assembly will be to elect and appoint the AU Chairperson and Deputy Chairperson. The Assembly takes place against a backdrop of a myriad of challenges, including threats to democratic governance, peace and security, through unconstitutional changes of government and post-election violence. The Assembly will elect new Members of the AU Peace and Security Council (AUPSC) to replace the current members, whose three-year terms are set to expire.
