MIDROC Ethiopia Seeks Amendment to Trade Code

MIDROC Ethiopia, seeks an amendment to the Ethiopian code to allow the formation of a holding company it has established.

The holding company, Derba Group of Companies was established to play a supervisory role and offer technical and operational managerial services for long term strategic investments.

The Derba Group will be made up of thirteen projects under three independent companies. The total investment of the projects under DG is estimated at 71 billion birr, with annual sale turnovers expected to be more than 41 billion birr.

Investments that will come under the Derba group will include agriculture, cement, hospitality, mining, real estate, steel and transport.

The development of the Derba Group extends to the Derba MIDROC Cement Project Office, four years ago. The office was then put in charge of Derba Midroc Cement, Derba Lime and Chemicals and Dashen Cement.

The DB has already made other significant investments in the construction sector including Derba Transport and Maya PP Bag.

In the agriculture sector Saudi Star Agricultural Development, which is amongst the largest agricultural investments in the country, has been brought under the wing the group.

The Group aims to re-invest the revenue earned from its strategic investments back in to the country. With this end in mind it is expected that the revenue earned from the companies brought together under the wings of DG will finance other projects under the group.

Projects to be financed by DG include Derba Cable Manufacturing, Derba Construction, Derba Drilling, Derba Mining, Derba Resort and Luxury Hotels, Derba Trading House, Sara Residential Development, Toussa Steel Mill and the Sheik Mohammed Hussein Ali Al Amoudi Foundation.

Source: Capital

Exchange Rates

USD 29.8230  29.2382 
GBP 35.4331  34.7383 
EUR 32.9931  32.3462 
CHF 28.7222  28.1590 
CAD 20.3145  19.9162 
AED 7.3480  7.2039