The Eritrean government is looking to sell a stake in state-owned telecoms operator EriTel to domestic investors, reports Reuters. In an open letter posted on the company’s website, EriTel chief executive Tesfaselassie Berhane said that up to 4.5 million ordinary shares would be available at a subscription price of USD50 per share. The telco, which holds a monopoly on Eritrea’s telecoms market, was established by the government in October 2003, replacing Eritrea Telecommunications Service (ETS) as the national operator, notes TeleGeography’s Database. According to the CEO’s statement, the sale of shares in EriTel ‘will not only position the corporation to meet its solid objectives over the medium to long term but will also give it the friendly competitive advantage to remain as a leading player in the context of the growing Eritrean economy even after liberalisation of the telecommunications sector.’ In the past eight years, the number of EriTel customers has increased from around 38,000 to over 358,000 fixed and mobile users, the company added.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors