January 7, 2013

EriTel Shares on Sale

EriTel Shares on Sale

EriTel Shares on Sale
The following is a statement and message from Mr. Tesfaselassie Berhane, General Manager and CEO Eritrea Telecommunication Corporation Share Company (EriTel).

Appended below are also Instruction Manual and Application Form for the share purchase plan.

Message from Mr. Tesfaselassie Berhane, The General Manager and CEO

Dear Investor,

On behalf of the Government of Eritrea, it is my pleasure to make this offer of Shares in EriTel, with a mandate to give services of fixed network (landline and wireless) as well as a carrier of Global Systems for Mobile Communication (GSM) and Internet Services Provider.

Since its inception in October 2003, EriTel has grown in leaps and bounds in an effort to meet the high telephone demand that had been backlog of demand over the years, with the size of customers having scaled up from the initial total subscribes of 38,000 customer base to 358,186 for both fixed and mobiles services during the last 8 year period.In line with the Corporation’s vision: “Aspiring Excellence in Communication” all the fixed network obsolete exchanges were replaced by digital equipment, their capacities expanded and all regions in the country have now access to wireless technology (Mobile and CDMA).

EriTel has to a greater extent bridged the communication divide between the urban and rural area which was prevalent in our country. Now, EriTel is taking this further by giving you, fellow country men and women an opportunity to own shares in this profitable business. This will not only position the Corporation to meet its solid objectives over the medium to long term but will also give it the friendly competitive advantage to remain as a leading player in the context of the growing Eritrean economy even after liberalization of the telecommunications sector.

Lastly, may I take this opportunity to thank the staff and management of EriTel for their dedication during the years and I look forward for the confirmation of your entitlement as a genuine beneficiary shareholder.

Thank you.

Source: www.eritel.com.er

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