Ethiopia's Amhara regional state announced a decision to privatize, fully or certain shares of them, 10 or more companies under the umbrella of the TIRET Corporate conglomerate run by the regional government.

Abate Sitotaw, TIRET's Deputy CEO, speaking to ENA, said they reached the decision with the intent to increase the efficiency and profitability of the companies. Comprised of nineteen companies, the TIRET Corporate conglomerate boasts of 12,000 permanent and casual jobs.

Established in 1995 as an endowment organization in the Amhara regional state with an initial capital of 20 million birr, TIRET's companies now include Tikur Abay Transport, Ambasel Trading House, Bahir Dar and Kombolcha Textile Share Companies, Dashen Brewery and Gondar Malt Factory, among others.

Source: ENA, TIRET's Website