Safaricom shares surge after it secures Ethiopia licence

NAIROBI: Shares in Kenyan telecoms operator Safaricom jumped more than 6% on Monday on news that its consortium has secured an operating licence in Ethiopia.

The Safaricom-led consortium, which also includes South Africa’s Vodacom, Britain’s Vodafone, and financial partners won the licence with a bid of $850 million, government officials in Addis Ababa said on Saturday.

Shares in Safaricom rose 6.3% to 42 shillings ($0.3885), though one trader cautioned that the rally could be short-lived.