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Tikur Abay Construction SC, Ethiopia has been dissolved for persistent failure to turn a profit. Tikur Abay has incurred significant debt Wegagen Bank and the Commercial Bank of Ethiopia which are in the process of being called in as well as running at a loss for several years according to sources.

The decision to dissolve the state owned enterprise supported by government subsidies was reached by the Privatization and Public Enterprises Supervising Agency of Ethiopia six weeks ago.

Tikur Abay Shoes Share Company commenced trial production of ‘safety shoes’ designed for industrial wear as of last month.

The manufacturer installed new machinery from German Company, DESMA at a cost of 1.1 million US dollars.

Tikur Abay had floated the international bid for the supply of the machinery required to the manufacture the safety shoes in 2009.

Tiret, an endowment fund of the Amhara National Democratic Movement, secured a major deal with the Ethiopian Industrial Input Supply Enterprise to supply one thousand tons of denim cotton, according to The Reporter.

Azila Electronics, an auxiliary company to Tiret Corporate with Amhara National Democratic Movement (ANDM) is to construct Samsung refrigerator assembling factory in Debre Birhan, Amhara Regional State of Ethiopia with 135 million Birr cost, according to Addis Fortune.

The first privately operated scheduled flight service in Ethiopia has been commenced by Trans National Airways (TNA). The flights are set to be done from Addis Ababa International Bole Airport to three selected destinations.