The Privatization and Public Enterprises Supervising Agency approved the bids made by MIDROC Ethiopia and affiliated companies for five of the eight companies up for privatization.
The approval from the agency was announced last week at the same time the agency declined the offer made for Awash Winery and withheld making a decision on offers for two other companies.
MIDROC Ethiopia and affiliated companies, Horizon Plantation Ethiopia, National Mining Corporation and Saudi Star Agricultural Development, proffered the highest bids for five of the eight companies put forward for auction by PPESA.The group offered more than 1.3 billion birr for the five companies.
The highest offer of 860 million birr was placed by MIDROC Ethiopia for Upper Awash Agro industry, the largest agro industry in the country claim sources.
Horizon Plantation offered 228.2 million birr for Coffee and 35.1 million birr for Gojeb plantations respectively.
Saudi Star offered 90 million birr for Ababo Plantation and the National Mining Corporation offered 110 million birr for the Ethiopian Marble Enterprise.
Saudi Star plans to diversify with its new acquisition by planting wheat and rice said Fikru Desalegn, Executive Director of Saudi Star.
In related news PPESA withheld approval on the 550.5 million birr offered by Tsehay Industry SC for Kality Metals because it wished to evaluated the financial capacity of the bidder who is currently involved in the dissolution process of another venture Tsehay Bank.
Source: Addis Fortune