FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



Court Orders Ayka to Pay 6m Br to Amibara

Feb 15 , 2020

[ssba-buttons]

The Federal High Court ordered Ayka Addis Textile Investment Plc to pay six million Birr of debt it owes to Amibara Agricultural Development Plc. The Court ordered the company to pay the value for cotton transactions the duo made between 2009 and 2016. Though the Court has summoned Ayka to present its defence, representatives of the company did not show up. Amibara Business Development Plc, a company that is engaged in the agricultural development business, had been supplying cotton to Ayka Addis for around eight years. Ayka, which has been declaring losses since 2013, is also unable to service 2.9 billion Br of debt from the Development Bank of Ethiopia (DBE), which repossessed it last year. DBE's Ethio Capital Investment S.C. is currently running the company. The company, which used to have 7,000 employees, ceased operations over the past couple of months.

Radar

City Unveils Major School Expansion Across 11 Districts

Addis Abeba City Administration has launched 150 education projects valued at over 5.2 billion Br ahead of the 2026 academic year. Spread across the capital's 11 districts, the rollout includes 14 newly built schools and upgrades to 64 existing facilities, adding 1,655 classrooms alongside ICT labs, libraries, and sports fields. City officials say the investment is part of efforts to improve access and quality of education, with infrastructure designed to accommodate students with disabilitie...

Read more >>

Radar

Santim Pay Launches Locally Assembled POS Machines

Santim Pay Financial Solution S.C. has begun assembling Point of Sale (POS) machines in Ethiopia, with its new facility assembling up to 300 units daily. The devices run on locally developed software and are priced below imported alternatives. Directed towards domestic commercial institutions, the move supports digital payment growth while reducing dependency on foreign suppliers. The company has also launched repair services to boost device durability and service availability. The fintech compa...

Read more >>

Radar

KEFI Confirms Key Milestones, Kickstarts Tulu Kapi Resettlement

The London-listed KEFI Gold & Copper has initiated the community resettlement process for their Tulu Kapi gold project found in the West Welega Zone. Funded from KEFI's own reserves ahead of broader project financing, underscoring the urgency to commence full development. Resettlement is being implemented by the Ethiopian government under World Bank standards. The announcement was made during a mining forum held at the Ethiopian Embassy in London, which was co-hosted by the British Embass...

Read more >>