The CEO claims that Ethio Telecom has fixed the share sale price at 300 birr

Frehiwot Tamiru, the CEO of state-owned Ethio Telecom, announced on Wednesday that the business has set a price of 300 birr ($2.54) for the 100 million shares it intends to offer through its mobile payment service before going public on the stock exchange.

Prime Minister Abiy Ahmed’s efforts to open up Ethiopia to more private investment include the creation of a bourse next month and the privatization of state-owned businesses.

Abiy declared, “This is a historic moment,” on Wednesday.

According to Frehiwot, the government would offer Ethiopians a 10% ownership in the business as a first step before selling a further 45% of the telecom provider to international investors.

$1 equates to 118.0993 birr.