Ethio Telecom picks KPMG East Africa to evaluate business
January 28th 2021
Ethio Telecom has hired KPMG East Africa to evaluate its entire business and this is expected to take eight weeks, Addis Fortune reported. It hired KPMG through a single sourcing procurement method via negotiations. This is an extension of the project that KPMG was awarded in 2020 to do an asset valuation under International Financial Reporting Standards (IFRS).
KPMG East Africa was paid close to USD 1 million for the contract it did a few months ago. The asset valuation by KPMG showed that the economic value of Ethio Telecom’s resources had appreciated by 42 percent.
Ethio Telecom asked KPMG to deliver its valuation methodology, which is expected to cover book-to-floor inventory. KPMG will be paid almost USD 611,785 for the service. KPMG’s representatives declined to comment on the matter, said Addis Fortune.
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