A consortium led by Kenyan telecoms operator Safaricom aims to start operations in Ethiopia next year, it said on Monday, after winning a licence on Saturday.
The consortium, which also includes South Africa's Vodacom and Britain's Vodafone, won the licence with a bid of $850 million, government officials in Addis Ababa said on Saturday.
"The partners ... will establish a new operating company in Ethiopia which aims to start providing telecommunication services from 2022," they said in a joint statement.
Other partners in the consortium are British development finance agency CDC Group and Japan's Sumitomo Corporation.
Safaricom's shares rose almost 7% to 42.20 Kenyan shillings ($0.3911) at one point, though one trader had cautioned that the rally could be short-lived.
"This was baked into the price. I think it is a bit of a sugar rush, to last a day or two, and then we move back," the Nairobi-based trader said.
($1 = 107.9000 Kenyan shillings)
Kenya's Safaricom, partners aim to start Ethiopia operations in 2022
Image: Stock Image
A consortium led by Kenyan telecoms operator Safaricom aims to start operations in Ethiopia next year, it said on Monday, after winning a licence on Saturday.
The consortium, which also includes South Africa's Vodacom and Britain's Vodafone, won the licence with a bid of $850 million, government officials in Addis Ababa said on Saturday.
"The partners ... will establish a new operating company in Ethiopia which aims to start providing telecommunication services from 2022," they said in a joint statement.
Other partners in the consortium are British development finance agency CDC Group and Japan's Sumitomo Corporation.
Safaricom's shares rose almost 7% to 42.20 Kenyan shillings ($0.3911) at one point, though one trader had cautioned that the rally could be short-lived.
"This was baked into the price. I think it is a bit of a sugar rush, to last a day or two, and then we move back," the Nairobi-based trader said.
($1 = 107.9000 Kenyan shillings)
Vodacom raises operating growth target on int'l business, Safaricom boost
Vodacom's Safaricom launches East Africa's first 5G network
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Related articles
Latest Videos