State Telecom to Pick Consultant for Company Valuation

Ethio telecom is to announce restricted tendering in less than a year’s time to hire a global firm that will conduct a valuation of the company.

Deloitte, KPMG, Ernst & Young and PricewaterhouseCoopers (PwC) are the four companies beselected by the state monopoly to take part in the bidding process.

“We chose the big four companies based on their reputation and global ratings,” said Andualem Admassie (PhD), CEO of Ethio telecom. “We will soon officially approach them to bid for the project.”

According to Andualem, the valuation could not take much time as E&Y had conducted asset valuation of the company some years ago.

“The new firm will also evaluate the goodwill of the company based on E&Y’s former asset valuation,” Andualem said.

A month ago, the Executive Committee of the EPRDF announced its decision of partially privatising state-owned enterprises to curb the severe foreign exchange shortage of the economy.

“We are waiting for a final decision from the government to approach the companies,” Andualem said.

In nine months the company has generated close to one billion dollars in revenue, according to data of the company presented to parliament.

Published on Jul 07,2018 [ Vol 19 ,No 949]



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