Ethiopian Commodity Exchange (ECX) disclosed it has sold the latest Membership Seat auction last week in its premises, according to The Daily Monitor.

Kerchanshe Trading PLC won the bid for an amount of 1.9 million Birr, which is 38 fold of the original seat value. Thus far, the ECX has transferred 17 membership seats, according to a statement sent to The Daily Monitor on June 18, 2015.

Ermias Eshetu, CEO of ECX stated, “Membership will bring tremendous value as we introduce more commodities, online trading and other services in the coming years.”

Memership Seat is a permanent and transferrable right that entitles any eligible person or organization to trade at the ECX.

ECX is an initiative for Ethiopia and the first of its kind in Africa. ECX intends to reform Ethiopia’s tradition bound agriculture via creating a new market place that accommodate all stakeholders, farmers, traders, processors, exporters and consumers.

ECX serves as a platform for partnership of market actors (Members of the Exchange) and its main promoter (the Government).

Source: The Daily Monitor