ADDIS ABEBA – The Amhara regional state announces it will privatize more than 10 companies that are currently registered under TIRET Corporate.
The announcement came a week after Tigray region made a similar decision to sell its shares in three of the Endowment Fund for the Rehabilitation of Tigray (EFFORT) group companies this month.
The three companies are Mesebo Cement factory, SUR Construction, and Trans Ethiopia Plc.
On Tuesday, the Amhara Endowment Fund, better known by its Amharic name Tiret, says the fund will sell all its shares in the companies.
Tikur Abay Transport, Ambasel Trading House, Bahir Dar, and Kombolcha Textile Share Companies, Dashen Brewery and Gondar Malt Factory are some of the companies registered under TIRET Corporate.
The decision has been made to privatize the companies so as to increase their efficiency and profitability, Abate Sitotaw, deputy CEO of TIRET Corp., told state-run news agency on Tuesday.
The Corp is yet to disclose the time table for the sale of the companies, which currently implements at least 12,000 permanent and casual people.