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EriTel selling shares to boost profile

February 14, 2013 • Mobile and Telecoms, Top Stories

In a move aimed at boosting its economic standing and liquidity, Eritrean telecommunications operator EriTel has begun to sell off a large number of shares.

Eritrean telecommunications operator EriTel has begun to sell off a large number of shares. (Image: Google/agenceecofin.com)

The operator told local Eritrean media that they were making some 4.5 million shares available for sale and that its marketing team had already “drawn an impressive number of shareholders so far.”

The company did not provide details as to the cost of the sale, how much income would be earned through the sell off or what the money would be used for in the future.

The operator called on “interested nationals residing in the country to make sure that they have attached copies of their national identity cards after making payments through the banks.”

Eritreans residing abroad were also advised by EriTel to double check the equivalence of the foreign currency amounts they debit to the banks with the price of shares they buy, indicated in US dollars.

Only Eritrean citizens would be allowed to make a purchase of the telecom operators stocks. The goal, company officials said, is to give the East African company a little more mobility in the market and boost services for customers.

Mohammed Awad

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