2merkato

Access Resorts reached an agreement with Metal and Engineering Corporation for the sale of Imperial Hotel, Ethiopia. The agreement is estimated to be worth 60 million birr.

The move to sale the property has followed a liquidity crunch faced by Access following a decision by the National Bank of Ethiopia that prohibits Access from borrowing from Zemen Bank with which it is closely affiliated according to some industry observers.

Moha Soft Drinks, producer of Pepsi products in Ethiopia, is set to extract 300,000 liters of ground water every day from a well drilled on the premises of its plant in the Teklehaymanot area of Addis Ababa.

The plant, which produced 17,000 cases of soft drinks per day, had stopped production over the past month due to water shortages, creating a scarcity of Pepsi products on the local market.

The shortage in Pepsi products has affected consumers in Addis Ababa and surrounding areas according to retailers.

The Privatization and Public Enterprise Supervisory Agency in Ethiopia announced that it has earned a total of 762 million birr in revenue over the first two quarters of the fiscal year from the various enterprises under its administration.

The revenue raised by the agency is less than the 1 billion birr target it had set but up 230 million from the same period last year.

The revenue was raised by 53 public enterprises administered by PPESA excluding revenue for agricultural enterprises, which accounts for the deficit from the target revenue according to Wendafrash Assefa, Head of Public Relations with PPESA.

Cummins Inc has announced Dawaleh Technology and Trading plc as its official and sole distributor in Ethiopia.

Cummins specializes in the design and manufacture of heavy duty filtration systems, coolant, exhaust and fuel additive technology for all diesel powered engines.

The Revenues and Customs Authority in Ethiopia is to undertake significant organizational restructuring and operational changes expected to be comprehensive.

Senior officials at the authority have launched a study to determine areas that require reform following recommendations from the office of the Ethiopian Prime Minster according to sources.

It is expected that changes will include the decentralization of operations at ERCA requiring adjustments to the organizational structure.

Ethiopian Airlines, Ethiopia’s flag carrier, has finalized the deal for the construction of its Head Quarter building inside of Bole International Airport with BET Architects plc and its partner Soehene Partners Architects.

The deal was signed by Yissehak Zewoldi, Vice President of Alliances & Corporate Strategic Planning with Ethiopian and Tesfamariam Teshome, Manager, Senior Partner, and Architect at BET Architects plc on Friday.

The deal was reached after a long negotiation process over a period of almost a year.

The Commercial Bank of Ethiopia is to purchase more than 1,400 units of note counting machines at an estimated cost of 30 million birr.

The order has been placed with the Ethiopian Trade Contacts plc which won the bid to supply the machines for 19,085 birr a machine.

The machines will be supplied by ScanCoin, a Swedish manufacturer of cash processing solutions. The SC-1500 model of machine to be supplied to the Ethiopian bank will possess accuracy enhancing features such as chain fed notes and automatic detection of double bank notes.

National Bank of Ethiopia received its first request for 250 grams of 18 carat of gold from Teklu Desta Jewellery.

The order for the minimum amount set by the central bank five months ago by the regulation compelling goldsmiths to purchase gold bars exclusively from it as of November of last year.

Teklu Desta has become the first Jeweler to purchase the gold from the central bank with other goldsmiths discouraged by the higher rates set by the bank.

A delegation of senior executives from Airbus is expected to visit Ethiopia next week. The team from the European consortium will be lead by Francois Cognard, Vice President for Sales, Middle East and North Africa.

The Airbus team will hold a press conference presenting the company’s latest Global Market Outlook for the East African airline industry and providing an update on its aircraft programs, including the A350XWB.

The Airbus marketing team is promoting the long-range A330 aircraft to Ethiopian Airlines which has already placed an order for 12 Airbus A350XWB aircraft.

South West Energy has finalized 1640 line kilometers of 2D seismic survey of is concession in the Ogaden basin of Ethiopia.

The first indigenous gas and oil company in Ethiopia, South West contracted the survey to GII a geophysics company completing the survey in nine months according to sources at the Ethiopian Ministry of Mines.

GII submitted the seismic data it collected from the South West concession in Degehabur zone of the Ogaden Basin to South West Energy and the MoM last week.