According to Shega, Safaricom has indicated its willingness to potentially list Safaricom Ethiopia on the Ethiopian Securities Exchange in the future. Peter Ndegwa, the CEO of Safaricom, revealed this during a media briefing held today, May 9, 2024.
Ndegwa emphasized Safaricom Ethiopia’s commitment to establishing a business model that is in line with Ethiopian interests. He highlighted the company’s intention to further integrate Ethiopian participation into its operations down the line.
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Acknowledging the Ethiopian government’s initiatives to create frameworks for companies to issue equity and bonds, Ndegwa stated that Safaricom would evaluate the timing to leverage these opportunities as the frameworks evolve.
As the majority shareholder in Safaricom Ethiopia, with 25% of the company listed on the Kenyan Exchange, Ndegwa pointed out that all other partners involved have extensive experience with listings.
Currently, Safaricom Ethiopia relies predominantly on capital from its major shareholder to sustain its operations. However, Ndegwa expressed the company’s openness to exploring avenues for local investor involvement through corporate bonds or equity offerings as the market and regulatory frameworks progress.
Source: Shega
