Ethiopia is to privatize two more enterprises with the board of the Privatization and Public Enterprises Agency approving the offers made for Caustic Soda SC and the warehouses of Faffa foods.
Caustic Soda will be purchased by MCC Imports for 14.8 million birr and the warehouses of Faffa foods will be sold to a Nejib Abba Biya, Ethiopia Canadian Businessperson, for 414,100 US dollars.
It is to be remembered that the PPESA is seeking interested bidders for two of the five enterprises it had offered for privatization in the same lot as Caustic Soda and the Faffa foods.
The two enterprises which have been unable to excite interest from potential buyers are the Hamaressa Edible Oil SC and Batu Construction SC.The fifth company the Commercial Printing Press received an offer that proved to be significantly lower than the 58.726 million birr minimum set by PPESA. The sole bidder for the press, Suba Plc offered just 27 million birr with 50% to paid immediately and the rest to be paid out over five years.
The press is likely to stay under public management said Wendafrash Assefa, Head of Public Relations with PPESA.
Source: Addis Fortune
