Ethiopia's New Stock Exchange Targets 90 Listings In First Decade

Following the launch of Ethiopia's first fully-fledged stock market in January, the focus now shifts to securing new listings on the exchange.

So far, only one company - Wegagen Bank, a mid-sized lender based in Addis Ababa - has listed on the Ethiopian Securities Exchange ESX. But Ethiopian Investment Holdings EIH is working on listing some of the country's state-owned enterprises, which it manages, and state-owned Ethio Telecom - which long enjoyed a state monopoly - is also preparing to offer a stake to new investors through an initial public offering IPO.

Michael Habte, chief operating officer ESX, is confident that the exchange will secure additional listings in coming months, noting that the long-term goal is to have around 90 listings within the first decade of operation.

EIH's pipeline reportedly includes Ethiopian Insurance Corporation and Ethiopian Shipping and Logistics Services. EIH controls 27 portfolio companies, valuing their total gross assets at 45bn and reporting annual revenue of some 18.5bn 2022/23.

"We're really optimistic. We think there's a decent pool of share companies that could eventually list," Habte tells African Business .