Wednesday, July 24, 2024
NewsUnder-formation stock exchange secures 25pct capital, seven founding board members

Under-formation stock exchange secures 25pct capital, seven founding board members

Ethio telecom, Ethiopian Shipping and logistics Service Enterprise (ESLSE), Ethiopian Insurance Corporation (EIC) and Berhanena Selam Printing Enterprise have agreed to contribute portions of the 25 percent seed money required to establish the Ethiopian Securities Exchange (ESX). The four SOEs, which are under the wing of the Ethiopian Investment Holdings (EIH), contribute under the EIH umbrella.

Along EIH, the SOEs have signed the founding agreement today.

The rest 75 percent of capital will be fulfilled from the private sector mainly financial institutions, in the next couple of months, before the ESX’s expected inauguration. Some 900 million birr capital is required to establish the stock exchange.

The four enterprises and EIH now contribute the 25 percent of the total formation capital. EIH contributes the major chunk of the 25pct capital.

The under-formation ESX has also secured seven founding board members today. Hilawe Tadesse, Eleni Gebremedhin (PhD), Fikadu Petros, Hinjat Shamil, Tewodros Mekonen (PhD), Yasmin Wehabrebi and Zemedeneh Nigatu are the funding board members. When additional investors come on board, latest by January 2024, the board might be restructured.

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