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Tsehay Industrials plc is to takeover the publicly Kality Metal Products Factory three months after being declared the winner in the privatization bid tendered by the Ethiopian  Privatization and Public Enterprises Supervising Agency.

The handover process was delayed for three months while the agency reviewed the company’s financial capacity to run the factory once it takes it over.  Tsehay acquired the manufacturing company for 55 million birr and has paid 35% pre-payment and will pay the remaining 65% over five years.

Tsehay Insurance S.C. has reported 11.6 million Birr profit after tax, a 185.7% increase from last financial year, Fortune reported. Accordingly, the company's earnings per share (EPS) have almost doubled to 32 Birr.

Tsehay Insurance Company, Ethiopia launched operations last week to become the 15th insurer to join the sector.

The company began operations at its three branches found at Piassa, Merkato, and Haya Hulet Mazoria with its main office located in Somali Terra to be operational in the near future according to Teshome Aklog, Chief Executive Officer of Tsehay.

The insurance company began selling shares at the same time as Tsehay Bank, dissolved since, with 90% of the shareholders in the bank with shares in the insurance company said Demessew Kassa, Project Manager of the company.

Tsehay Insurance SC formally entered the insurance sector in Ethiopia at a ceremony held last Saturday.

The Insurance Company launched operations with its first branch opened in mid-May and currently has three branches located in the Abune Petros, Haya Hulet and Merkato areas of Addis Ababa.

The company is planning two more branches before the end of the current financial year in July in the Addis Ketema and Meshualkia areas.

Tsemex is set to provide large capacity water tanks to help resolve the water problem in Ethiopia.  The company plans to import water tanks with the capacity to hold 12,000 liters and custom designed tanks that can hold up to 10 million liters.

The Pioneer water tanks that Tsemex will import come in diameters ranging from 2.68 meters to 20.05 meters and with heights of 1.1 meter to 8.5 meter said Rezene Ayalew Managing Director of Tsemex.