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EriTel share is profitable, Communications Minister Tesfaselassie Berhane

The Administration of the Eritrean Telecommunications Corporation (EriTel) has to sell more shares in line with the ongoing endeavor of privatizing it. It is to be recalled that the Corporation distributed application forms to a number of potential shareholders.

The Corporation called on interested nationals residing inside of the country to make sure that they have attached copies of their national identity cards at the time of making imbursements by way of the Housing and Commerce Bank, as well as the Commercial Bank of Eritrea. It further called on interested citizens residing abroad to double-check equivalence of the foreign currency amounts they debit to the banks with the price of shares they buy, which has already been indicated in terms of US dollars.

So far 746 nationals residing in and outside of the country, bougth 55,849 shares.

individual citizens can buy up to 50,000 shares, while businesses and associations can purchase up to 500,000.

According to a statement by EriTel’s, the sale of shares in the firm ‘will not only position the corporation to meet its solid objectives over the medium to long term but will also give it the friendly competitive advantage to remain as a leading player in the context of the growing Eritrean economy. In the previous years, the number of EriTels ‘fixed’ and ‘mobile’customers has increased, the company added.
The telecoms market, was established by the government in October 2003.

Instruction for Applicants