State Surrenders Ownership of Can Plant

Mar 16 , 2019

The government is selling off its stake in Ethiopian Crown Cork & Can Manufacturing Industry S.C. The Public Enterprises Holding & Administration Agency, which owns a 75pc share in the company, is selling its share to GCF Business Group Plc for 130 million Br. GCF Business Group, a local company that has been in the export of cereals, hotels, medical gloves and the production of roof tiles, is the only company that showed an interest in acquiring the company and made a 4.1 million Br offer above the government’s minimum requirement. The buyer will pay 35pc of the total price, 45.5 million Br, to sign the agreement and make the rest of the payment within five years.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...