Ethiopia’s Yet-to-Trade Stock Exchange Adds Second Bank Listing

Gadaa Bank, a domestically owned commercial lender, has become the second company to list on Ethiopia’s nascent stock market that’s yet to commence trading.

The bank listed the entire 1.23 million shares at 1,000 birr each, according to Chief Executive Officer Wolde Bulto, valuing the company at about 1.23 billion birr ($9 million). The so-called listing by introduction aligns with the government’s plan to deepen Ethiopia’s capital markets, he said.