Issue 161: IPO Fever & Tax Crackdown

Hello

In the past week, the inaugural Capital Market Summit has been a source of major developments, highlighted by the announcement of two key regulations. According to the new regulation Companies currently issuing shares to the public have one year to comply with the public offering directive introduced by the Authority.  

Meanwhile, the Ethiopian Securities Exchange (ESX) anticipates an impressive launch, with plans to list around 100 initial public offerings (IPOs), potentially surpassing the number of stocks listed on Kenya's exchange.

Our roundup also includes a crackdown on tax evasion in Merkato, the launch of a new Smart Parking System and a major public transportation project, the rise of peer-to-peer transactions on EthSwitch, and a story on the growing trend of moving into semi-finished condominiums in Addis Ababa. Enjoy!

If you are here because someone forwarded you this email, you can subscribe here to get future newsletters.

Heads of the Ethiopian Securities Exchange (ESX) aim to list more than 90 businesses as the country’s first stock market nears its inauguration. If this ambition is realized, the number of initial public offerings (IPOs) will quickly surpass the number of stocks currently listed on the Kenyan Stock Exchange. Read more.

EthSwitch, the national switch operator responsible for financial interoperability, has reported that interoperable peer-to-peer (P2P) transactions have surpassed those of ATMs in value. Read more.  

The Addis Ababa city administration has launched a crackdown on traders in the city's Mercato area who fail to issue receipts and collect Value Added Tax (VAT) from consumers. Read more.  

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. Read more.

Some of Addis Ababa's residents, undeterred by the absence of paint, proper kitchen, bathroom, or running water, are moving into semi-finished condominiums in search of affordable housing. Read more.

As part of the ongoing Smart City project, Ethio Telecom has launched a new Smart Parking System in Shaggar City to improve parking services.  Read more.

Ethiopian taxpayers issuing receipts across eight cities have been given a three-month period to include QR (quick response) codes on their receipts as part of cross cutting digitization to help authentication efforts in meeting revenue targets. Read more.

A new platform by Vintage Technologies looks to bridge the labor force gender divide by connecting employers with a female-only pool of recruits. Read more.  

Ethiopian Electric Power (EEP) announced that the Aysha Wind Farm Project, a major renewable energy initiative with a 120 MW capacity, is now 82% complete. Read more.