Dashen Bank has concluded an agreement with MIDROC-Ethiopia Construction PLC worth Birr 593 million to complete the work on its headquarters on Thursday, May 21, 2015, according to Addis Fortune.

This agreement saved Dashen from spending Birr 200 million from offers which have been made in a tender.

The agreement was concluded between the new president of the Bank, Asfaw Alemu and MIDROC Construction’s General Manager, Abinet Gebremeskel. The finishing work is set to be completed within 18 months.

“We awarded the finishing work to MIDROC through negotiation as the bid we floated was not successful because of the expensive offer from the bidders, which included MIDROC, and Tekleberhan Ambaye Construction,” Teka Asfaw, chairman of Dashen’s Board of Directors said.

Zias Design International remains as consultant for the finishing work of the headquarters.

“The finishing will include the electromechanical works, completion of the annex building and construction management,” Dereje Assefa, Managing Director of Zais said.

Dashen Bank is expected to spend Birr 1.3 million for the construction of the headquarters, Asfaw noted.
MIDROC will receive 20 percent down payment to start the work, Teka said.

Dashen Bank has gained a profit of Birr 606.75 million in the 2013/14 budget year.

Source: Addis Fortune