2merkato

The state owned tobacco monopole, National Tobacco Enterprise (NTE), has acquired a new machine for the purpose of packaging and producing cigarettes at the cost of 140 Million Birr. The new machine is said to boost the enterprise’s annual capacity to six Billion cigarette sticks.

Former President of Bank of Abyssinia (BoA), Addisu Haba, is now appointed as the president of Debub Global Bank (DGB).

Hassenias Real Estate is set to deliver 40 houses to its customers in the coming few months. In addition to this, the firm is planning to start its second phase of construction on a total area of 80,000 square meters at an outlay of 1.2 Billion Birr.

Africa Insurance Company S.C. registered a 40 percent earnings per share and a total of 42 Million Birr as gross profit during the 2013/2014 fiscal year. This is according to the Insurance’s unaudited report.

Eksoy Chemical Industries Ltd, a Turkish based chemicals manufacturer, is about to get in to the Ethiopian market by supplying chemicals and dyestuff to textile factories via a bonded warehouse scheme.

The road that connectes Ethiopia and Kenya, Yabelo-Mega road, is inaugurated and is open for traffic.

H&M and Swedfund have joined hands to contribute to the development of a responsible Ethiopian textile industry characterised by both high social and environmental standards. The partnership is said to start this autumn.

The Indian based meat processing company, Allanasons Group, is finalizing a deal for the purchase of Akshakar Export Abattoir for a total of U.S $ Nine Million.

Owner of the widely known brands such as Tommy Hilfiger, Calvin Klein and Heritage, Phillips-Van Heusen (PVH) Corporation, set 10 investment preconditions to the Ethiopian Government.

Awash International Bank (AIB) is going to launch its advanced CORE banking system in September 2014. The advanced system is said to introduce new services.