Tsehay Bank Aspires to Rise to 5b Br Equity Before Deadline

Dec 24 , 2022


[ssba-buttons]

Shareholders of Tsehay Bank, a fourth-generation bank, voted to raise its paid-up capital to five billion Birr until 2024, a couple of billion short of the minimum required capital set by the central bank before 2026. Tsehay, which opened its door in July, held its first general assembly last week at Hilton Hotel. Bank executives addressed that it has taken two years for promoters to raise the equity to 734 million Br from 373 shareholders. Tsehay's subscribed capital stands at 2.8 billion Br with a par value of 1,000 Br. The aftermath of the pandemic, policy and directive amendments from the central bank, and domestic instability were attributed as challenges by Taye Debekulu, the board chairman, who had also served as the president of Hibret Bank for seven years. The executives, under Yared Mesfin, aim to expand the branch numbers to 100 and the outstanding debt to 5.12 billion Br while mobilising a deposit of 5.1 billion Br.


Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...