Ethio-Asian S.C. paid 35 percent of 50.5 Million Birr as it has agreed with Privatization and Public Enterprises Supervising Agency (PPESA) back in March 29, 2014 for the purchase of Hamaressa edible oil S.C.

What Ethio-Asian offered back in March was 50.5 Million Birr and pay 35 percent of this money in advance. The rest 65 percent was agreed to be paid in the next five years.

Nonetheless, it was only Bizuayehu that paid his sum while Shetty failed to deliver its due. This is said to be the reason that led to the company’s delay in handover.

Ethio-Asian was among the three establishments that got the approval of PPESA back in March 2014. The other two enterprises are Tikur Abay Transport S.C. and Ethiopian Pharmaceutical Manufacturing S.C.

The edible oil factory is situated near Harar, 526 Kilometers from Ethiopia’s capital. It extracts edible oil products from oilseeds, including groundnuts, rapeseed, sesame, and cotton seed.

Source: Fortune