SOMALILAND – Somtel Telecommunication, a subsidiary of the UAE-based Dahabshiil Group, has begun its initial public offering (IPO), with interested parties able to acquire a minimum of 20 shares for US$100 apiece as it seeks for a greater ability to grow and expand in the Horn of Africa, as well as create more jobs.

Somtel, is a leading telecom and internet and digital services provider in the Horn of Africa, has a long track record of providing high quality and reliable telecommunication services by investing in superior communication infrastructure and harnessing the capabilities of the Somali people. 

The company now offers voice, data, and digital services to retail customers as well as enterprise solutions to corporate and public sector customers. 

Somtel recently spread its reach beyond the Somali regions by partnering with Djibouti Telecom to install the DARE 1 cable which will boost connectivity and data access in the region, with eventual gains being realised for the end consumer. 

The cable starts in Djibouti and runs down the Somali coast, ending up in the Kenyan port Mombasa with stations along the way with the aim of enhancing digital connectivity in the region.

The Initial Public Offering was launched in Hargeisa.

“With its ever-growing portfolio of ground-breaking services, and with this injection of capital, Somtel is well-positioned to take advantage of new opportunities in the telecoms sector in the Horn of Africa, enhancing the lives of millions of customers whilst enabling businesses to achieve their full potential in a new digital future”

Abdirashid Duale- CEO, Dahabshil Group

“We are here today to congratulate and encourage one of Africa’s most influential companies. We congratulate the Dahabshiil Group and Somtel in particular for being a financial and technological leader in the Horn of Africa banking and telecoms sectors,” Somaliland President Muse Bihi Abdi said.

Bihi said the IPO offering will further propel Somtel’s growth and serve as an example for other companies in the region to look beyond private ownership of their companies and invite investors and enable them to fully realise the gains from their investments.

Hajji Mohamed Said Duale, the chairman of the Dahabshiil Group, invited the public to participate in the IPO and be part of the growth of the company which he founded. 

“We are pleased with the high demand for our shares – evidence that investors are as excited about Somtel’s future as we are. I am inviting the public to come and be part of the growth of this company that has not only played a part in the development of this region but has created job opportunities for our youth and others,” he said.

 Abdirashid Duale, the Dahabshiil Group CEO, said the launch of the IPO was historic.

“The IPO marks another landmark for our company. With its ever-growing portfolio of ground-breaking services, and with this injection of capital, Somtel is well-positioned to take advantage of new opportunities in the telecoms sector in the Horn of Africa, enhancing the lives of millions of customers whilst enabling businesses to achieve their full potential in a new digital future. Somtel will also, of course, be generating many more jobs,” he said. 

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