Ethiopia's Raya Brewery announced it has raised 500 million Ethiopian birr to fund the construction of a new brewing plant.
Located on the outskirts of Maichew, 670km north of the Capital, Addis Ababa in the Tigray regional state, construction of the plant which will have a capacity to produce 600,000 hectoliters of beer annually is scheduled to be completed within a year time. Add a comment Add a commentBank of Abyssinia shares auctioned by Nile Insurance S.C has attracted bid 224 percent above their par value. Nile Insurance S.C is disposing shares it owned in the bank following a 2008 law which caps the maximum amount of shares a shareholder can hold in a bank to 5 percent of the bank's capital.
In a bid to comply with the law, Nile Insurance, is reducing its shares worth 49.2 million Ethiopian birr to 31.5 million birr by offering for sale 708,704 shares. The National Bank of Ethiopia has set a three year timetable, which will expire in August 2013, for "influential Share holders" to reduce their interest to the maximum amount required by the law. Add a comment Add a commentThe Addis Ababa Cinema House Administration has awarded Skyline Consulting Architects & Engineers PLC., for the design of a new cinema hall building, with a contract value of 2.5 million Ethiopian birr, on July 16, 2013.
Located at Senga Terra, in Lideta Sub-city, the cinema hall will be housed within 2,473 square seven-storey building. In addition to cinema halls, the building will also include studio for film makers, according to Getachew Zeru, General Manger of the the Cinema Houses Administration. Add a comment Add a commentn in the just ended Ethiopian Fiscal Year, short of US$255 of the target set by the Ministry of Mines for the budget year. The revenue has also decreased by US$61 million compared to earnings of same period last Ethiopian Fiscal Year.
The decrease is said to be as a result of price fall of gold in the global market, which causes companies in Ethiopia to reduce their gold export, according to Sinkinesh Ijigu, Minister of Mines. Add a comment Add a commentThe Addis Ababa City Administration's Bureau of Finance & Economic Development is to sign a contract with Ethiopia's Image Consultancy PLC. for the design and construction supervision of new market centers across four districts of the city.
The market centers in each location will be designed for specific commodity. The Bole market center which will be constructed on 7000 square meter lot will feature vegetables and grain, while the Akaki market which will rest on 20,054 square meter. The already existing cattle, sheep and goat market in Kera and Kolfe-Keranyo Sub-city will be expanded further on 20,500 and 9,500 square meter respectively. Add a comment Add a commentThe South Nations Nationalities and People Regional State Revenue Authority announced that it has collected over 2.9 billion Ethiopian birr income in the concluded Ethiopian Fiscal Year.
The Authority's Deputy Director, Tadesse Merd, told Walta Information Center, the revenue was collected from direct and indirect taxes as well as municipality service. Add a comment Add a commentThe Ethiopian parliament has passed the Urban Landholding Registration Proclamation. The law is designed to ensure the protection of landholding rights and recognition of title to land-related permanent property of individuals, associations, private and government institutions through registration.
Accordingly, the proclamation will enable city administrations to identify the land available at their disposal through inventory and create integrated national landholding system compatible with the rural land administration. Add a comment Add a commentOmicron Engineering PLC, an Ethiopian electrical materials supplier has inaugurated its showroom for CHiNT electric products.
Abiy Mulat, general manager of the company says Omicron wants to change the society’s attitude towards Chinese products and narrow the gap between CHiNT product consumers and distributors of the product.
Add a comment Add a commentThe Amhara Credit and Saving Institution reported it has disbursed 4.12 billion Ethiopian birr loan in the just concluded Ethiopian Fiscal Year.
Institution Operation Sector Deputy Manager, Agaje Getahun, told WIC that the loan was distributed among people engaged in manufacturing, wood and metal works, trade, service, animal fattening and agriculture, among others. Add a comment Add a comment
