Ethiopian National Defense Construction Enterprise and Construction Materials Manufacturing Enterprise has joined hands with Legendary MegaCrop, an infrastructure development firm from the United States (US), to establish a company that will produce modern construction materials. The company will be established in Ethiopia and the US based firm will have an initial investment of 10 million USD.
The newly established company is named Legendary Defense Products and it will produce as well as supply modern construction technologies to the local construction sector.
The shareholders of the newly established company are going to be Legendary MegaCorp, Defense Construction Enterprise (DCE) and Defense Construction Materials Manufacturing Enterprise (DCMEE). The US firm is said to own 51 percent of the new company while the rest 49 percent is owned by the 2 Ethiopian enterprises.
Commenting on the development, found and chairman of Legendary MegaCorp, Hector Reyes, said his company decided to invest in Ethiopia as the nation is one the fastest growing economies in Africa. The new company’s technological introductions would save 20 – 30 percent project cost and 40 percent on construction time, he furthered.
Reyes also explained, Legendary Defense would would supply its products to the housing development projects being undertaken in the capital.
Welday Berhe, DCE’s General Manager, explained the Enterprise engages in the construction of buildings and very challenging road construction projects. “We use conventional construction technologies and by partnering with Legendary MegaCorp we hope to have modern techniques and advanced materials to save time and budget while providing a superior product outcome to the end users of the facilities,” Wolday noted.
DMCE’s General Manager, Mebratu Lemiem (Capt.), also explained that he expected the new company will benefit from technology and knowledge transfer.
Legendary MegaCorp, according to The Reporter, is an international development company that specializes in financing, design, build and operation of medium to large scale infrastructure development projects.
DCE and DCMME, on the other hand were re-established by the Council of Ministers with an authorized capital of 1.3 billion Birr of out of which more than 700 million is paid up in cash and in kind.
Source: The Reporter
