Habesha Cement S.C. floated an international bid to buy 28 million cement bags. The bid will be closed in April and the company expects to receive the first shipment by July.

During the latest shareholders’ meeting, the company announced it would start trial production in October 2016.

In addition to the cement bags, the company is in the process of preparing bids for the purchase of explosives. The explosives will be used to commence Habesha’s mining operations.

According to Fortune, Habesha’s source for raw materials is from 112 hectares of land in West Shoa, Ormoia State. The company obtained a mining license for 60 years in May 2014 to mine limestone, gypsum, clay and sandstone from which it will produce 1.4 million tons of cement per year.

Lately Habesha has floated a tender for the rent of hundred trucks for the transport of raw materials. It has received bid offers and doing technical evaluations on the offers.

Habesha Cement was first established in September 2008 by 30 founding members. However, after that the number rose to 16,300.

The company managed to raise over 150 million Birr by initial public offerings (IPO) which was closed on 2010. During the sale of shares, Habesha promised the shareholders earnings of 122 percent from their investment in two years; however, 8 years from its founding Habesha is yet to start manufacturing.

Source: Fortune