Oromia Public Enterprise Buys Ayka Addis Textile

Oromia Public Enterprise Buys Ayka Addis Textile

• Business
• February 01, 2023

The Oromia Public Enterprise is edging closer to bagging Ayka Addis Textile Factory for 1.82 billion Br. The factory, 20Km west of Addis Abeba, in Alemgena, Oromia Regional State, has been idle under the management of the Development Bank of Ethiopia (DBE) from late 2018 following the default of two billion Birr loans taken before it started operations.

Sources from the policy bank confirmed the public enterprise won the foreclosure a month ago.

According to Adare Assefa (PhD), the head of the Oromia Public Enterprise, no bidders showed interest until the enterprise decided to buy the textile factory last month. He believes it will create more job opportunities in the area and awaken daunted businesses that previously served the factory employees.

Source: Addis Fourtune (Januray 29)