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Safaricom seeks partners for billion-dollar Ethiopia entry

Acting Safaricom CEO Michael Joseph (left) and Board chairman Nicholas Ng'ang'a during an investor briefing of half-year results on November 1, 2019. FILE PHOTO | SALATON NJAU | NMG

By  BRIAN NGUGI

Safaricom #ticker:SCOM has opened talks with undisclosed investors to form a consortium that will this year bid for one of two Ethiopian telecoms licences due to the high entry costs that are likely to breach the Sh100 billion mark.

The Nairobi Securities Exchange-listed firm said it was racing to assemble the group of investors ahead of its Ethiopia bid, which is expected in April.

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