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MIDROC and its affiliate has signed a contract for the transfer of three agricultural enterprises previously owned by the Ethiopian government. The contract was signed by Sheikh Mohammed Ali Al Amoudi and Beyene Gebremeskel, Director General of the Ethiopian Privatization & Public Enterprises Supervising Agency, on April 4, 2013, at the Sheraton Addis Hotel.

MIDROC acquired Upper Awash Agro-Industry for 860 million Br, 35pc of which it has paid in advance. HORIZON Plantations, its affiliate, also acquired Coffee Processing & Warehouse Enterprise and Gojeb Farm for 228.2 million Br and 35.1 million Br, respectively, paying 50pc in advance for both.

The Public Procurement and Property Disposal Service (PPPDS) plans to centralize procurement services it provides in the GTP II period, The Daily Monitor reported.

Precise Consult International PLC and Association of Chartered Certified Accountants (ACCA) Ethiopia will host “The CEOs Breakfast” forum on March 28th 2013 at the Sheraton Addis Hotel.

The quarterly event brings top business leaders to venue drawn from companies, government officials, donors, and international agencies and other business leader to discuss business issues in Ethiopia.

The Merchandise Wholesale and Import Trade Enterprise of Ethiopia revealed the pre-conditions for the government contract to import oil in a letter sent to the Public Procurement and Disposal Agency.

The move is in anticipation of the expiry of the government contract with oil suppliers from Singapore, Indonesia and Malaysia in the coming May.

Addis Prefabricated Housing Manufacturing Industries SC, Ethiopia has sold 31.4 million birr in shares in just the three months exceeding its target capital goal of 29 million birr. The share company floated 29,000 ordinary shares at a value of 1,000 birr since the 16th of February and has attracted 773 investors so far.

The company extended the deadline it had set for selling shares from April 16th to the 20th of May following the demand seen on the market claimed Gezahegn Yayinshet, Chairman of the Board.  

The minimum share allotment for one investor is 25 and the maximum 500 shares. A 10% service charge is levied on investors and they are expected to pay 60% of total investment on subscription a further 20% is due three months after the general assembly and the final 20% will be paid another three months after the second allotment is paid.