Safaricom Bids for Ethiopia Telecom Licence, Investors to Exercise Caution

Safaricom Plc through a consortium with its parent firms Vodafone and Vodacom, British development finance agency CDC Group and Japan's Sumitomo Corporation has made a formal bid to get a licence to operate in Ethiopia.

Safaricom Plc through a consortium with its parent firms Vodafone and Vodacom, British development finance agency CDC Group and Japan’s Sumitomo Corporation has made a formal bid to get a licence to operate in Ethiopia.

“The ECA has indicated that proposals from interested bidders must be submitted by 26th April 2021, and the successful bidders will be announced within thirty (30) days (subject to timings subsequently advised by the ECA),” said Safaricom on Monday.

The deadline for submitting bids is set for Monday 26th April 2021, and according to the Ethiopian Communications Authority (ECA), successful bidders will be announced within 30 days.

If successful, Safaricom will continue focusing on M-Pesa, and data business in the  Ethiopian market.

Safaricom Posts Ksh101.0Bn Profit Before Tax Full Year Results

At the close of trading Monday, Safaricom recorded the highest volume of 6.8 million traded shares at Ksh 39.00 per share on the Nairobi Securities Exchange, recording a 0.52% gain over its previous closing price of Ksh 38.8. 

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