Artistic Printing Enterprise, one of the public enterprises in Ethiopia, has been privatized by a joint venture formed between Feleke Trading PLC and Corporate Computer Center PLC. The joint venture is declared to have won the bid after submitting a bid price of 329 million Birr.

Representatives of the joint venture concluded the privatization agreement with Ministry of Public Enterprise on Tuesday, September 6, 2016. The agreement was signed after the representatives of the companies declared to have paid 115.1 million Birr, the initial capital which is 35 percent of the total price.

Speaking during the event State Minister of Public Enterprises, Meselech Wodajo, said the enterprise was privatized with the view to upgrading the company to a better level from its capacity. It was a good step forward to bring better results, she added.

Artistic was among 1 of the 3 enterprises floated for bid almost a year ago in November.

Ministry of Public Enterprise aims to privatize 15 selected public enterprises out of the total 26 enterprises owned by the federal government, in the current fiscal year.

Source: The Reporter