The Ethiopian Commodity Exchange was only able to attract a single bidder for the seat it offered for bid. The seat was put on sale through the exchange after Ural Industries to relinquish its seat on the ECX.

The only interested bidder for the sea was Dejen Industrial plc which made an offer of 1.3 million birr for the seat on the exchange.

It is to be remembered that the trade volume of the exchange reached 21 billion birr in the last financial year while its trading volume increased to 601,000 tons announced the ECX.

The increase in trading volume included the 52% increase in the trade in white pea beans, which reached 64,000 metric tons and a 38% growth in sesame trade to 303,000 metric tons.

The financial prospects of the ECX were said to be healthy and stable  at the time with an increase of 34% seen in operational revenues which reached 226.4 million birr while net earning increased by 31% claimed the company release.

The exchange had also increased the number of cooperative unions collaborating with it to 193 from 111.

Source: The Reporter