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

Ethiopia plans to sell a 5% stake in its state-run telecom 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.

Also read: Ethio Telecom records rise in revenue amid pandemic

In June, the telecoms regulator said it had received 12 bids for the two telecom licences the government plans to award to multinational companies.

The regulator has not given a deadline for when it will award the licences.

Source: Reuters

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