Ernst & Young Offers Lowest Sugar Privatisation Bid

Jun 5 , 2021


Ernst & Young, one of the four largest international consulting firms, is inching closer in its bid to serve as a transaction adviser in the privatisation of 10 out of the 13 state-owned sugar factories in the country. The company offered half of the price named by the only other competitor, Price Waterhouse Cooper (PwC). Ernst & Young offered 3.3 million dollars while PwC offered a little over 6.6 million dollars. Bidding was opened a month ago by the Public Enterprises Holding and Administration Agency. Though 11 companies showed an interest in the invitation to bid, only 6 were able to fulfil both technical and financial criteria, and only two made it into the final round of evaluations. The winner is expected to plan and recommend the best transaction approach that fits each sugar plant besides providing support for the Agency in attracting potential investors during the privatisation process.   EDITOR'S NOTE: This story has been edited on June 7, 2021


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...