Zemen Bank S.C. will take a 5% shareholding in the Ethiopia Securities Exchange, becoming the first closely held company to own a stake in the bourse expected to start by the third quarter.

The government has offered local and foreign investors 75% of the bourse with issued share capital of about 900 million birr ($16 million). The Ethiopian Investment Holdings, the nation’s sovereign wealth fund, and four other state-owned companies including Ethio Telecom and Ethiopian Shipping Lines, own 25%.

One other private company has put in a bid, according to ESX Chief Executive Officer Tilahun Kassahun. The offer closes on March 29.

Ethiopia is the only country among the five-biggest economies in sub-Saharan Africa that doesn’t have a stock market. Prime Minister Abiy Ahmed has pursued reforms that include opening up formerly closed-off sectors. The government is eyeing listings from banks, insurance companies, pension funds and multinational firms.