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Cote d'Ivoire Telecom Shares to be Listed on Local Stock Market

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The government of the Ivory Coast is planning a swathe of privatizations that also includes Cote d'Ivoire Telecom.

In total, some 15 companies will see stakes sold in an effort to reduce the national debt, as well as introduce competition into some markets.

The sale is expected to take place within the next few months, and shares will be listed on the local stock exchange.

President Alassane Ouattara told Reuters in an interview this month he was "in a hurry for it (the sell-off) to be finished."

The government currently owns just under half of Cote d'Ivoire Telecom and is expected to reduce its stake by 28%, raising around CFA4.3 billion (USD9 million). The majority owner with 51% is France's Orange, with a fraction of a percent held by the employees.

The company recently agreed to outsource its tower operations to IHS, although it retains ownership of them.

On the web: Reuters

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Tags: cote d’ivoire telecom  Cote D'Ivoire