Tekleberhan Ambaye Construction PLC’s (TACON) general manager, Seifu Ambaye, bought 80 percent of the shares in another construction firm in Ethiopia. The company from which the general manager bought the shares from are Akir Construction PLC and the transaction, according to Fortune, was 16 million Birr.

The shares Seifu bought were originally owned Awotahegn Kiros, who is a founder of the company. Awotahegn sold all shares it owned in Akir, which were 18,000 shares.
The remaining 20 percent shares were owned by Tsion Awotahegn and sold to Seifu’s brother, Yekonamlak Ambaye, for 4 million Birr. This transaction saw 2,000 shares of Tsion transferred to Yekonamlak, who is the general manager of Yutaf Aluminium PLC.

The 2 share transfer agreements made the brothers the new owners of Akir Construction, which was established 3 decades ago. The transaction was worth a total of 20 million Birr, which is the same amount as the company’s registered total capital.

Akir was known for being involved in different mega road projects including; Beredimtu to Emin, Gerecha, Zada to Wechecha and Sawela to Kako road projects. It is said that the company has been criticized for delays in finishing projects including the Jiggiga to Wechale road project.

Currently Akir is under contract for a 2.3 billion Birr project that is transferred to the new shareholders.

Source: Fortune