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Ethiopian Airlines, has collected a 25.1 billion birr profit in its eight months of operation, Diriba Kuma, the Transport Minister told parliament last Tuesday presenting his office’s eight-month performance report.

According to the minister, the airline’s projection for the current Ethiopian Fiscal Year is to increase its total revenue to 30.1 billion birr, and so far it has achieved 82 percent of it its earning target. Add a comment Add a comment

Ethiopia's Zemen Bank announced it has sold close to 200 million birr in shared in the past two month, achieving its target of capital increase for the fiscal year. The sale of shares has been limited to existing share holders in the bank. The total capital of the bank now stands at 400 million birr, a two fold increase from the previous year.

The Bank noted that its deposit base in the first nine months of the current fiscal year has increased 42 percent and had passed 2.5 billion birr, all mobilized from a single main branch.

MIDROC and its affiliate has signed a contract for the transfer of three agricultural enterprises previously owned by the Ethiopian government. The contract was signed by Sheikh Mohammed Ali Al Amoudi and Beyene Gebremeskel, Director General of the Ethiopian Privatization & Public Enterprises Supervising Agency, on April 4, 2013, at the Sheraton Addis Hotel.

MIDROC acquired Upper Awash Agro-Industry for 860 million Br, 35pc of which it has paid in advance. HORIZON Plantations, its affiliate, also acquired Coffee Processing & Warehouse Enterprise and Gojeb Farm for 228.2 million Br and 35.1 million Br, respectively, paying 50pc in advance for both.

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Ethiopian Airlines has renewed negotiations with international companies for the design, construction, and management of the four star hotel it is planing to construct.

“Ethiopian could settle on a company within 15 days, if all requested documents are submitted by the bidding companies,” an official from the facility planning section, under the Alliances & Corporate Strategic Planning Department, told Fortune. Add a comment Add a comment