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Ethiopian Stock Exchange Receives Bids for Twice the Shares on Offer
(Bloomberg) — The Ethiopian Securities Exchange said it received bids for more than twice the shares it was offering to investors as the Horn of Africa country's bourse raises funds to start operations.
Investors offered more than 1.51 billion birr ($26.6 million) worth of shares, surpassing the company's target of raising 631 million birr, chief executive officer Tilahun Kassahun told reporters in the capital, Addis Ababa.
The creation of a stock exchange in Ethiopia, one of Africa's five largest economies without a stock exchange, is part of Prime Minister Abiy Ahmed's plan to open the country to investors and help rebuild this country ravaged by war. The government and dissident Tigrayan fighters signed a pact in 2022 to end a two-year conflict that had deterred investors.
FSD Africa, the Trade and Development Bank, the Nigerian Exchange Group, 16 national commercial banks, 12 insurance companies and 17 local investors have offered to buy shares of the ESX, according to Kassahun. ESX is still working on the allocation of shares.
Strategic foreign investments are particularly important because they enable the transfer of technical know-how and best practices as well as other areas of long-term strategic value that we will explore, Kassahun said.
Ethiopia relies on borrowing from multilateral lenders and bilateral creditors. The country's public sector external debt stood at $27.8 billion at the end of September, according to Finance Ministry data.
In December, it became the latest failing African country, joining Zambia and Ghana. All three are trying to restructure billions of dollars of external debt using the mechanism of the Common Framework of the Group of Twenty.
The government hopes the new scholarship will help diversify its funding sources.
ESX was established in October, with state-owned Ethiopian Investment Holdings as a founding shareholder. The exchange will be owned by public sector companies including Ethiotelecom and Commercial Bank of Ethiopia. The balance will be held by private entities.
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