Eritrea's Eritel announces the selling of shares
In a move aimed at boosting the Eritrean telecommunications operator’s economic standing and liquidity, Eritel on Wednesday announced that it had begun to sell off a large number of shares.
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.”
It did not give details as to the cost of the sale or how much income would be earned through the sell off. Nor did Eritel give specifics as to what the money would be used for in the future.
The company 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 “should double-check the equivalence of the foreign currency amounts they debit to the banks with the price of shares they buy, which has been indicated in US dollars.”
Only Eritrean citizens would be allowed to make a purchase of the telecom operators stocks. The goal, company officials were cited saying, is to give the East African company a little more mobility in the market and boost services for customers.