2merkato

Istanbul Gas Cylinder Manufacturing Plc of Turkey is going to start distributing liquid petroleum gas (LPG) as of next week. The company is a joint venture with TIRET, the Amhara Endowment Fund.

Istanbul Gas has taken a one hectare plot of land out of 130 owned by TIRET in Sheno, Ahmara Regional State, for filling cylinders with LPG.

Istanbul Gas has already imported 22,000 tonnes of gas from Sudan and four depots through which 6,000 cylinders will be filled, Nuzet Erdogan, owner and general manager of the company, said.

Tuskys, Kenya’s second-biggest supermarket chain plans to expand in to Ethiopia, according to Bloomberg.

New Television show to enhance Ethiopians finance and business literacy is to begin soon, according to Capital.

Two Banks under formation in Ethiopia, Noah International Bank and Tsehay International Bank, submitted letters to the National Bank requesting the dissolution and release of equity raised by shareholders and placed in blocked accounts with the central bank.

Promoters of both banks cited the recent directive from the central bank that raised the required capital for banks from 75 million to 500 million as the reason behind the decision for dissolution. 

Noah Bank had raised 80 million birr and Tsehay Bank 100 million, which was previously adequate but far from the current requirements of 500 million. Promoters of the two banks claimed that the banks did not have the ability to raise the required levels of capital.

I.G. Entertainment Plc. in association with Wubshet Import & Export has organized an international exhibition for the first time in four European countries, Addis Fortune reported.