Ethiopia raised 3.2 billion birr ($24 million) after selling 10% of the shares on offer in its maiden initial public offering that was open for more than four months.
The nation sold 10.7 million shares in state-run Ethio Telecom for 300 birr each, the company said in a statement Friday. Ethiopia Investment Holdings, which controls 40 state-run companies including the telecom firm, planned to sell 100 million shares in a bid to raise 30 billion birr from the sale.
“Decisions on the rest of the shares are currently ongoing,” she said.
Frehiwot also noted that interest came not only from individuals but also from banks and Ethiopian-born foreign nationals. However, in response to reporters’ questions, she confirmed that only individual investors had actually participated in this round.
“The reasons for limited sales were the restrictions we imposed,” the CEO said.
Funds collected so far will remain in a blocked account. Eligible investors were required to purchase a minimum of 33 shares (valued at 9,900 birr) and up to a maximum of 3,333 shares (999,900 birr), with each share priced at 300 birr.
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