The Ethiopian Privatization and Public Enterprises Supervising Agency is to lower the indicative price set for Ghion Hotel, Addis Ababa on the basis of recommendations received from external consultants, SAB Management and Development Consultancy according to sources.
The exact amount of the new price was not disclosed by the PPESA although officials confirmed that the indicative price will be lower than it was in the previous tender.
It is to be remembered that the agency had successfully offered a tender for joint venture for the hotel several times before putting it up for full privatization in the last financial year. The indicative price set at the time was not based on current research but extrapolations on the basis of research conducted at the time the hotel was being offered for joint ownership according to Wondafrash Assefa, Head of Public Relations with the PPESA.
PPESA floated an international tender to assess the current asset and business valuation of the Hotel and five other public enterprises at which time the SAB Management and Development Consultancy plc was selected from a pool of four companies who had submitted proposals.SAB will be presenting valuations for the Artistic Printing Press, Minerals Development Enterprise and Adola Gold Development Enterprise in partnership with British and Zimbabwean property evaluators according to sources.
Source: Fortune
