Somaliland’s Telecom and technology service provider, Somtel, has announced an Initial Public Offering (IPO) to investors, with interested parties able to purchase a minimum of 20 shares for $100 apiece. Additionally, purchases will be capped at 1000 shares.
The move seeks to propel the company to grow and expand in the Horn of Africa and create more jobs.
Somaliland President, Muse Bihi Abdi says the IPO offering will serve as an example for other companies in the region to look beyond private ownership of their companies and invite investors, thus enabling them to realise the gains from their investments fully.
Somtel is a telecommunications company with its headquarters in Hargeisa, Somaliland. It provides a comprehensive range of voice, mobile, and data services to customers, which includes Mobile Money Service. It is also a 3G and 4G services provider in Somaliland’s network. The company now offers data, voice, and digital services to retail customers and enterprise solutions to both corporate and public sector customers.
The company has previously issued IPOs in Mogadishu and Puntland, where it also has a significant presence.
Somtel recently partnered with Djibouti Telecom to install the DARE 1 cable to enhance connectivity and data access in the region. The cable starts in Djibouti, runs down the Somali coast, and ends up in Mombasa, Kenya.
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