The Ethiopian Commodity Exchange sold 92 seats, with full membership privileges, last week. The seats were sold at competitive bid held at the Wabi Shebelle Hotel. The exchange will earn 123,370,708.81 birr from the sale.
50 of the 92 full membership seats on offer were allocated to limited members and suppliers previously engaged in limited trading on the exchange. 66 bids were received for the 50 seats with the highest bid received from Ato Teklay Gebre-Mariam Gebre-Medhin for 2,000,150 birr. The lowest winning bid was 459,950 birr. The commodities exchange is expected to earn more than 42 million birr from the sale of the fifty seats.
A further 25 seats were put on offer in the Exporters category allowing direct full membership. 57 different bids were entered with the highest bid of 3, 511, 777.77 birr being received from Zablon Trading plc. The lowest winning bid for this category was 1,041,225.15 birr. The exchange will make an anticipated 45,327,076.77 birr from this category.179 bids were received for 17 categories in the ‘Others’ category. Netsa plc registered the highest bid of 3,100,000. The lowest winning bid in this category was 1, 421,000 birr. The exchange will earn more than 3.5 million birr in this category.
The Ethiopian Commodity Exchange floated a bid for full membership this last November. The exchange registered bidders according to prearranged qualification criteria including license, export certificate, TIN, competency certificate, valid training and other requirements.
302 of 316 registered companies and individuals took part in the final bid.
Source: The Reporter
