Safaricom shareholders recently approved their nod for the setting up and incorporation of Safaricom Telecommunications Ethiopia which is set to begin operations in Ethiopia next year. The Ethiopian company will be led by Anwar Soussa, who will report to the Safaricom CEO, Peter Ndegwa.
Safaricom Telecommunications Ethiopia was set up early this month after the consortium led by Safaricom was awarded the licence to operate telecommunication services in Ethiopia.
The Global Partnership for Ethiopia consortium brings together Vodacom Group, Vodafone Group, Sumitomo Corporation and CDC Group. The companies from Kenya, South Africa, Japan and the United Kingdom have proven experience in telecommunications with large-scale network deployment capabilities, operations and service provision.
Safaricom Ethiopia is expected to create digital transformation to positively impact the economic and social lives of people in Ethiopia.
Speaking at Safaricom’s 13th Annual General Meeting, Michael Joseph, Chairman of the Board, expressed confidence in Safaricom’s ability to build a quality mobile network to enable Ethiopia to access a world-class array of digital services.
“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,” said Mr. Joseph.
On his part, Safaricom CEO, Peter Ndegwa said, “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.”
During the AGM, shareholders also approved the final dividend of Ksh. 0.92 per share with the dividend payout amounting to Ksh. 36.8 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.
Despite the pandemic, Safaricom exhibited resilience during the year to sustain overall performance. This was coupled with operational efficiency and improved asset utilization that boosted recovery especially in the second half of the year. The company recorded flat growth in the financial year ending March 2021 and is set to roar back into growth in 2021.