Ethiopia’s Ministry of Finance (MoF) and the Public Enterprises Holding and Administration Agency (PEHAA) have announced the completion of a ‘key milestone’ in the partial privatisation of the country’s incumbent telco, Ethio Telecom. In a press statement the government bodies confirmed that, as part of a privatisation process that began in 2018, the state is now ready to release an Expression of Interest (EoI) for the sale of a 40% stake in Ethio Telecom.
According to the MoF, the issuance of the EoI is scheduled for today (15 June), with international investors to be given until 14 July to confirm interest in acquiring the stake. Following the issuance of the EoI, a Request for Proposal (RFP) will follow, with the timeline for this to be ‘communicated in due course, with the aim of completing the transaction in an efficient and streamlined manner’.
Deloitte Consulting Limited has been appointed as transaction advisor, the press statement also noted, with that company said to now be on the final stage of completing the preparatory work, which includes ‘business plan, financial, legal and tax due diligence and business valuation following global best practice’.