Truck assembly plant built by N.A Metal Industry and Engineering is a PLC, in Ethiopia’s capital, Addis Ababa, was inaugurated. The assembly plant was constructed at an outlay of 250 million Birr and according to the shareholder and managing director of the company, Nebiyou Assefa, explained his firm would assemble trailers, semi-trailers, Sino Trucks and fuel tankers.
Tsedey Bank disclosed that it was working to have a total asset of Birr 65 billion in the coming five years during its 1st shareholders’ meeting which was held in Bahir Dar. Its current asset totals Birr 44 billion while its subscribed capital stands at Birr 11 billion.
Tsedey Bank announced that it would launch operations on Saturday with a subscribed capital of Birr 11 billion and a paid-up capital of Birr 7.8 billion. Tsedey has a total of Birr 46 billion in assets.
According to the CEO of the bank, Mekonnen Yelewmwessen, Tsedey Bank is equipped with modern technology. The bank will have 148 branch offices when it starts operation. Its aim is to open branches in all areas of the country.
Source (including image): Fana BC
Tsehay Bank increased its capital to Birr 5 billion within four moths of its inauguration. The bank announced the capital increment during its first general meeting. Tsehay Bank’s initial capital was Birr 2.8 billion.
Tsehay Insurance, one of the new comers to Ethiopia’s insurance market, made a profit of 14.14 million Birr during the 2015/2016 fiscal year. The performance shows a 22 percent increase when compared to the year previous to it.
