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Amhara Bank S.C, a new bank under formation, has managed to collect 4 billion birr paid up capital from more than 145,000 shareholders. This makes the bank the largest company in Ethiopia interms of number of shareholders. The new bank under formation also managed to collect 5.3 billion birr subscribed capital.
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Burger King, an American giant multinational fast food chain restaurant has teamed up with Belayab Foods Production, owner of Pizza Hut chain restaurants for its operations in Ethiopia. Aschalew Belay is a major shareholder of the Belayab group, now involved in a variety of business interest, including food, hospitality and in the automotive sector – the Kia brand, among others.
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The French augmented hotelier, Accor Hotels Group, has agreed to bring in and manage Ibis Styles, a mid-scale brand as a fifth pipeline project in Ethiopia under its umbrella.
The property, costing USD 23 million, will open its doors by the end of 2023, and will have 150 keys (rooms) suitable for most young and middle class business travelers and executives, who would not mind spending USD 140 to 150 per room night.
Some private banks have stated out that their half year performance has improved compared to last year’s half year performance. Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year. Dashen Banks follows with 1.16 billion birr. Other banks have had an improved gross profit compared to last year’s performance.
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Despite a notable improvement in profitability, the earnings per share (EPS) of Oromia Insurance saw a marked decline in the last fiscal year.
The company’s profit after tax went up by 20pc to 87.3 million Br, while the EPS slid by 20 Br to 390 Br, undermined by a marked increase in paid-up capital.
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Ranked among the top three insurance companies two years back, Africa Insurance Company registered only the second loss in its quarter century existence.
The company registered a loss of 2.8 million Br, a drastic fall from the 59.1 million Br profit it made the preceding year. The loss translated into a huge fall in earnings per share that dropped to 16 Br from 334 Br.
For the current Ethiopian Fiscal Year, Ethio Telecom has made a bold and ambitious plan that seeks to surge its revenue by 25 percent from last year’s 36.3-billion-birr revenue, beefing it up to 45 billion birr, this year.
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Marathon Motors Engineering launched three newly locally assembled vehicles at its plant.
The All New Palisade SUV is estimate cost of 6.5 million birr. There’s seating for up to eight passengers with a surprisingly upscale interior.
According to the new changes to be introduced to the amendment, an excise tax levy which was proposed on imported new vehicles (cars with production dates not exceeding two years) and with engine capacity of 1300 horsepower and less was to be reduced from 30 percent down to 5 percent, according significant cost advantage to local car assembles and new car importers.
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Hidase Telecom, a local telecom products and services distributor, started the construction of a mixed-use headquarters and business complex for an estimated half a billion Birr investment.
The headquarters, which will be built in the Hayahulet area will have 19 floors and four basement levels. To rest on 1,500Sqm of land, the building is planned to be completed within three years.
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