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



Street vendors around the Shola area take a rest in the shades of the capital's newly planted trees. Upon reporting on its 10-month performance before parliament, the Agricultural Minister indicated that up to 43pc of the arable land in the country has been rendered acidic. This requires large amounts of limestone to be imported from abroad; the tight forex crunch has not allowed the Finance Ministry to fund the endeavour easily. Following the rallying call of the PM a staggering 6 billion seedl...



Residents of communal houses around the Weji area hang their clothes on the fences outside. Textile manufacturing accounts for 87pc of Ethiopia's products from industrial parks. Expulsion from the African Growth and Opportunity Act (AGOA) due to the war in the North resulted in Ethiopia being expelled from the preferential trade act. Most companies choosing to rent sheds within the industrial parks do so out of a desire to access the duty-free privileges provided for African countries. Ethiopia...



Vendors put traditional beauty products from the Somali regional state for sale around Mexico. In November of last year, the Ministry of Finance banned imported goods under 38 categories, including cosmetics, packed foods, and furniture, from accessing letters of credit. The move resulted in the tripling of costs for cosmetic items like lipstick and nail polish. As Ethiopia ran a 14 billion dollar merchandise trade deficit last year due to import bills hiking by 26pc , a tight clampdown on forei...