Fortune News | Jan 12,2019
Bunna International Bank and Bunna Insurance have invested 285 million Br and 130 million Br, respectively, to acquire two separate buildings as their headquarters.
Bunna Bank bought an eight-storey building with a terrace and basement located near Africa Avenue. The building was owned by B&B Trading Plc, which sold it to support major expansion plans in other ventures of their trading company. The Bank bought the building without a bidding process.
B&B Trading is known for running various businesses including GNM Garment, E-Phanos Compact Disk (CD) factory and Asham TV.
“We had a major expansion plan for our three businesses," said Gizaw Yergaw, deputy CEO of B&B Trading Plc.
One of those companies, E-Phanos, has a factory located in Dukem town that has started producing educational software called Scholar E-Publisher in response to the Novel Coronavirus (COVID-19) pandemic. The software cover the subjects of biology, chemistry and physics from Grades 7 to 10 with a comprehensive collection of lab exercises, lectures and tutorials. It became available in the bookstores in Sidist Kilo, Arat Kilo and Merkato after receiving approval from the Ministry of Education.
Another company, GNM Garment, which is located in the Lebu area, used to specialise in tailoring shirts. However, since the COVID-19 pandemic, the factory has been repurposed for the production of masks by the Addis Abeba City Administration for free in order to assemble 500,000 masks on a daily basis. It is currently making 200,000 masks a day.
“The garment factory is undergoing an expansion plan for eight million Birr,” Gizaw said.
Bunna Bank, which spent 123 million Br in rental expenses for its headquarters and branches, moved into the new building three weeks ago. The Bank that had been headquartered in Arat Kilo in a five-floor office space and a ground floor branch location on the roundabout is working toward moving its main branch to this building.
In the last fiscal year, the Bank, which netted 461.4 million Br in profits in the previous financial year, acquired a three-story building in Bahir Dar, the seat of the Amhara Regional State, for 86 million Br.
The new headquarters building of Bunna Insurance, which is located near the African Union, was also acquired without a bidding process like the Bank's new head office.
The insurance company, which was previously headquartered in Arat Kilo in a three-floor office space, has now moved into a six-floor building with a basement at its disposal. The building was owned by B&B Kitfo Trading with the management headed by Gizaw Zergaw. The building was completed back in 2006.
The insurance company netted 26.8 million Br in profits and spent 9.1 million Br renting its headquarters and branches in the previous fiscal year.
Aside from the plots of land designated as a financial district in the Stadium and Mexico areas, the City Administration has begun allotting land to all banks without a bidding process.
PUBLISHED ON
May 16,2020 [ VOL
21 , NO
1046]
Fortune News | Jan 12,2019
Radar | Dec 28,2019
Radar | Jan 01,2024
Fortune News | Mar 13,2021
Fortune News | May 29,2021
Commentaries | Dec 29,2018
Fortune News | Jan 25,2020
Fortune News | Aug 03,2019
Sponsored Contents | May 03,2022
Radar | Aug 05,2023
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transportin...
Jul 13 , 2024 . By MUNIR SHEMSU
The cracks in Ethiopia's higher education system were laid bare during a synthesis re...
Jul 13 , 2024 . By AKSAH ITALO
Construction authorities have unveiled a price adjustment implementation manual for s...
Nov 16 , 2024
In the realm of public finance, balance sheets speak louder than rhetoric. In such do...
Nov 9 , 2024
Ethiopia's foreign exchange debacle resembles a tangled web of contradictions and con...
Nov 2 , 2024
Addis Abeba, fondly dubbed a 'New Flower,' is wilting under the weight of unchecked u...
Oct 26 , 2024
When flames devoured parts of Mercato, residents watched helplessly as decades of toi...
Loading your updates...