The government is looking to divest its majority stake in Ethio Telecom as part of Prime Minister Abiy Ahmed's push to open up the country to greater private investment.

In October Ethio Telecom launched an initial public offering to sell a 10% stake, while the government plans to later sell a further 45% stake to investors.

CEO Frehiwot Tamiru told reporters that earnings before interest, tax, depreciation and amortisation for the half year to end-December rose more than 60%, to $256.5 million.

Subscribers to Ethio Telecom's mobile money transfer service Telebirr grew to over $399,09, handling transactions worth $7.84 billion, Frehiwot said. A year earlier the service had 41 million users and handled transactions worth roughly $7.13 billion.

Ethio Telecom, a former monopoly, competes with Safaricom Ethiopia, which launched in 2022 after winning the country's first private telecoms licence.

--Reuters--