Ernst & Young to Advise Sugar Privatisation

Jul 31 , 2021


[ssba-buttons]

Ernst & Young, one of the big four management consultants, has won the bid to advise on the privatisation of 10 sugar industries under the Sugar Corporation. Though 11 companies showed an interest in the invitation to bid after a call for expression of interest was rolled out in 2020, only six were able to fulfill both technical and financial criteria, and only two made it into the final round of evaluations. Ernst & Young beat out the only other bidder, PricewaterhouseCoopers (PwC), after offering its services for 3.3 million dollars. PwC had offered double that amount. The 10 factories to be sold off include Welkayit, Tendaho, Kesem, three of the Omo Kuraz factories, Arjo-Dedesa, and Tana-Belese. Metehara, Fincha, and Wonji sugar factories will, however, remain under state ownership.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...