Tekleberhan Ambaye Construction PLC’s (TACON) general manager, Seifu Ambaye, bought 80 percent of the shares in another construction firm in Ethiopia. The company from which the general manager bought the shares from are Akir Construction PLC and the transaction, according to Fortune, was 16 million Birr.
Akobo Minerals, a Norway based gold exploration and mining company, will start production after three months. The company is expected to generate USD 100 million annually once it becomes fully operational.
The Indian company Akshay Jay Oil, which produces avocado oil at Jimma Industrial Park, is increasing its investment by building a facility to create solid and liquid compost from waste materials. New investors will use the factory, which should be finished in five months, to save the environment.
Albwardy Investments, a Dubai-based holding company has struck a US$25 million deal with M.A Kharafi & Sons PLC. for the acquisition two hotels under construction. The partially constructed 7 and 6 floor hotels are located at the junction of Africa Avenue and Jomo Kenyatta Street, at Meskel Square.
The original plan of M.A Kharafi & Sons PLC was to build one three-star hotel, named Ibis, on the side of the Jomo Kenyata Street and another four-star, named Novotel, along Africa Avenue.
Aleta Land Coffee, an Ethiopian coffee firm, announced plan to open trans-border coffee shop in Asia beginning from the next year, according to The Reporter.
