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Ethiopia’s Ethio Telecom posts 14% rise in half-year earnings

Ethiopia’s Ethio Telecom posts 14% rise in half-year earnings

ETHIOPIAN state-owned telecoms company Ethio Telecom posted a 14% rise in half-year profit helped by growth in its mobile phone-based financial service Telebirr. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 19.77 billion birr ($352 million) while revenue grew by 26% to 42.86 billion, CEO Frehiwot Tamiru said in a statement. Subscribers to Telebirr, launched in May 2021, grew to 41 million of its 74.6 million total subscribers, Frehiwot said while handling transactions worth 910.7 billion birrs. Ethio Telecom, a former monopoly, competes with Safaricom Ethiopia, which launched commercial mobile network services in October 2022 after winning the…
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Ethiopia to launch a tender for second telecoms licence in June -regulator

Ethiopia to launch a tender for second telecoms licence in June -regulator

ETHIOPIA will launch a tender for a second international telecoms licence in June, the industry regulator said, as the Horn of Africa nation seeks to expand the sector. In November, the government said it had resumed the plan to issue a full telecoms licence for the operator, which will be the third alongside state-owned Ethio Telecom and Safaricom Ethiopia, partly owned by Kenyan operator Safaricom. "We have planned to launch the tender in June. More details will be released when we approach the launch date," Balcha Reba, director general of the Ethiopian Communication Authority, told Reuters via a text message. The telecoms…
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Ethiopia plans to sell 45% of telecoms monopoly Ethio

Ethiopia plans to sell 45% of telecoms monopoly Ethio

ETHIOPIA plans to sell a 45% stake in its Ethio Telecom monopoly, an adviser to the state minister of finance said, as the government pursues the liberalisation of the sector despite an armed conflict in the north of the country. Ethiopia's telecoms industry is considered the big prize in a push to liberalise the African country's economy because of a huge protected market, which serves around 100 million people. Prime Minister Abiy Ahmed is attempting to energise underperforming state-run sectors with reforms. "It is 40% to all interested bidders and 5% will be dedicated to Ethiopians. The 55% will remain…
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Ethiopia to sell 5% stake of state-run telecom co to citizens

Ethiopia to sell 5% stake of state-run telecom co to citizens

ETHIOPIA plans to sell a 5% stake in its state-run telecommunications firm to its citizens as part of measures to break up the monopoly, state-affiliated Fana Broadcasting said on Monday, quoting Prime Minister Abiy Ahmed. The sale of the stakes is part of Ethiopia’s plans to open up one of the world’s last closed telecoms markets in the nation of around 110 million people. Fana said the government will retain a 55% stake in Ethio Telecom, with the remainder going to international companies. In June, the telecoms regulator said it had received 12 bids for the two telecoms licences the government…
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