Tikur Abay Transport Plc bought Bekelecha Transport SC from Privatization and Public Enterprises Supervising Agency (PPESA) for 325 Million Birr.

The agreement was signed at Elilly International Hotel between Tikur Abay's General Manager, Hassen Yusuf and PPESA's Director General, Beyene Gebremeskel. Tiret Corporate's CEO, Tadesse Kassa, was also present during the signing ceremony.

During the occasion Hassen disclosed it was 35 percent of the total 325 Million Birr his company will pay first. He furthered the rest 65 percent will be paid in five years time.

Hassen also noted the 35 percent payment will enable his company to control the management and after paying the entire 325 Million ownership will be transfered to Tikur Abay. This is regardless Hassen's company pays the money after five years or before the end of this period.

The General Manager further explained the rational behind Tikur Abay buying Bekelcha is to increase efficiency of the latter, which the General Manager claims is not providing the service because of lack of attitude, diligence, skill and some materials.

According to The Reporter Hassen, Beyene and Tadesse assured there will not be any challenge workers will face after the company is transfered to Tikur Abay.

Source: The Reporter