Melaku Sissay, Nile Insurance’s CEO for the, resigned from his position that he held since last years. His resignation came a week after the company presented its performance report for its shareholders. The Insurer has also confirmed that the company’s board of directors replaced Melaku by the claims manager, Hailu Mekonnen. The board’s appointment has also been approved by the National Bank of Ethiopia.
Bank 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.Nile Insurance S.C, one of the insurers in Ethiopia, paid a sum of 231 million Birr during the last fiscal year. This is according to unaudited report by the company.
Addis Ababa City Administration announced that it has inaugurated road projects all over the city, close to 20km long and with varying width, built at a cost of over 1.9 billion birr. The newly finished road projects will "aid [the city's] social and economic development by facilitating traffic flow," Adanech Abiebie, Addis Ababa's mayor, said in a social media post.
NMC Real Estate, a relatively new player in the housing development industry in Ethiopia, has started a construction project to build 600 houses.
