Privatisation Bill Reaches Legislators

Dec 21 , 2019


[ssba-buttons]

A new bill that will gear up the privatisation process of public enterprises has been tabled to parliament. If legislated, the proclamation will replace the existing two-decade-old law. The existing law indicates that a privatisation process will be made within the mandates of the Public Enterprise Holding & Administration Agency. The revised draft recognises the Council of Ministers and the Ministry of Finance as stakeholders in the process. The Council of Ministers will determine which enterprises will be privatised and approve their transfer to the Agency. The Council also approves the use and structure of golden share vote and veto rights for any decision deemed against the public interest. The Ministry of Finance will conduct the valuation of the assets and share values of the public enterprise under consideration and decide on the floor price for the transaction. The transactions can be made through a competitive tender, a public auction or an initial public offering (IPO) on a stock exchange or another suitable trading platform. The revised draft proclamation also requires the revenue from privatisation to be deposited in a special account designated for the Industrial Development Fund administered by the Ministry of Finance after the associated costs for the transaction are duly deducted.


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...