Tiret Corporate, an endowment company of the Amhara Regional State, is preparing to privatise 10 corporate companies. A decision has been made to privatise the companies to increase their efficiency and profitability, according to Abate Sitotaw, deputy CEO of Tiret Corporate. Established in 1995 as an endowment organisation with an initial capital of 26 million Br, it currently employs 12,000 people. Headquartered in Bahir Dar, Tiret was established with seed money contributed by the former Ethiopian Peoples’ Democratic Movement (EPDM) and its 25 founding members. The party has acquired a new name, Amhara Democratic Party (ADP). The endowment has several businesses under it that run subsidiaries including Tikur Abay Transport, Ambasel Trading House, Bahir Dar and Kombolcha Textile share companies, Dashen Brewery and Gondar Malt Factory.
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