Safaricom Shareholders Approve Ethiopia Entry, Release KES 36.8 Billion Dividend Payout

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Safaricom CEO Peter Ndegwa
Safaricom CEO Peter Ndegwa

Safaricom has since been given a go-ahead to enter the lucrative Ethiopian market after a long period of bids and negotiations.

It has also been since established that the operator will run its operations in the country as Safaricom Telecommunications Ethiopia PLC.

It should be noted that Safaricom will not be doing business in Ethiopia as a single company; the entry into the country came into fruition as a partnership with other partners, namely Vodacom Group, Vodafone Group, Sumitomo Corporation, and CDC Groupall under the Global Partnership umbrella.


News from Safaricom has also detailed the company’s plan for the new market in 2022.

First, shareholders have already agreed to set up and incorporate the named Ethiopian subsidiary.

Operations are set to go live from 2022.

Secondly, Anwar Soussa has already been appointed the Managing Director for Safaricom Telecommunications Ethiopia PLC. Soussa will report to the board of directors of Safaricom Telecommunications Ethiopia PLC and Peter Ndegwa, Safaricom PLC Chief Executive Officer (CEO).

Thirdly, Safaricom Telecommunications Ethiopia PLC is expected to create digital transformation that will positively impact the economic and social lives of Africa’s second-largest country, Ethiopia, home to over 112 million people.

At Safaricom’s 13th Annual General Meeting, shareholders also approved the final dividend of KES0.92 per share with the dividend payout amounting to KES36.8 billion.

The dividend will be payable on or before 31 August 2021 to the shareholders on the Register of Members as at close of business 30 July 2021.

Safaricom had previously approved an interim dividend of KES0.45 per share amounting to KES18 Billion which was paid to shareholders on 31 March 2021.

Quotes

Ethiopia is a critical part of our strategy under Mergers, Partnerships & Acquisitions. We are proud to lead this partnership that will provide quality and affordable mobile and internet connectivity to enable more Ethiopians to access quality telecommunications services.

Even as we start operations in Ethiopia, we pledge to continue investing in our country ensuring to always offer our customers superior network connectivity and efficiently enhance our network, products and services.

Safaricom CEO Peter Ndegwa


The board is committed to working with management to deliver value to our shareholders but, most importantly, to ensure we continue to be there for our customers, staff and the community, especially in this new phase.

Safaricom Board Chairman Michael Joseph


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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]