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Ethiopian Securities Exchange Reaches Capital Raise Target Needed for Operations

© AFP 2023 MICHELE SPATARIA man withdraws Ethiopian Birr from an ATM in Addis Ababa on December 4, 2023.
A man withdraws Ethiopian Birr from an ATM in Addis Ababa on December 4, 2023. - Sputnik Africa, 1920, 07.04.2024
The Ethiopian Securities Exchange was inaugurated in October 2023 as a public-private partnership, with the government's strategic investment arm, EIH, holding a 25 percent stake alongside private sector investors.
The Ethiopian Securities Exchange (ESX) has achieved a significant milestone by meeting its initial capital raise target of $11.07 million required to kickstart its operations, the ESX said in a statement.
The exchange announced that the fundraising effort was oversubscribed, with offers totaling $26.6 million from both domestic and foreign commercial investors, demonstrating robust interest in Ethiopia's nascent capital market.
"The overwhelming interest as investors rallied around the Exchange, up to the close of the capital raise period, signals the enthusiasm and confidence that the ESX heralds a major milestone in the country's journey towards financial sector development and economic transformation," the ESX pointed out.
The exchange said it has managed to attract 48 commercial investors from both financial and non-financial industries.
Foreign investments from entities such as the Burundi-based Trade and Development Bank, Kenyan FSD Africa, and the Nigeria Exchange Group were highlighted by the ESX as pivotal in facilitating the transfer of technical expertise and best practices.
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According to FSD Africa, the Ethiopia's exchange aims to list approximately 50 companies initially, with a focus on the financial services sector.
In March, Ethiopia Capital Markets Authority Director-General Dr. Brook Taye told local media that Ethiopian telecommunications corporation Ethiotelecom has been identified as the first stock listing target on the new market.
The Ethiopian Ministry of Finance, Ethiopian Investment Holdings (EIH), and FSD Africa had signed a cooperation agreement in May 2022 to establish the stock exchange.