No buyers for textile company Saygin Dima | Textile News Ethiopia
Home » News » Textile Mills News » No Buyers For Textile Company Saygin Dima

No buyers for textile company Saygin Dima


READ MORE ON CBEEthiopia Textile IndustryTextile News Ethiopia

Textile Manufacturing

Image Courtesy:

The Commercial Bank of Ethiopia (CBE) has taken control of Turkish-owned textile company Saygin Dima, after repeated attempts to transfer the ownership. The bank is still looking into options for the administration of the company.

Established in 2008 as a joint venture between the Ethiopian Government and Turkish investors, has been in the foreclosure process for the past six months. However, the factory has failed to generate any interest from buyers.

“We will make a decision on how and who will manage (Saygin Dima) soon. We are also looking on how to revive and restore some of the damaged machines and properties,” said Belihu Takele, Acting Communication Manager, CBE.

Also ReadEverest Textiles to start new plants in Ethiopia and US in 2017

It may be noted that at the time of the setup, the Ethiopian Government had a 60 per cent share in the company, valued at Bir 625 million while rest were with the Turkish investors. However, the partnership did not last long. The Government dissolved the partnership due to the unsatisfactory performance of the company. Above all, its export performance did not meet expectations. Last year, the company declared that it was only able to earn US $ 105,000.


Have some news? Let us know on

Recommended by Apparel Resources

Hyosung teams up with Black Yak

South Korea’s textile major Hyosung Corp. has joined forces with the country’s leading outdoor apparel and gear manufacturer Black Yak Corp., to develop...

West Point Home inaugurates new spinning facility in Bahrain

West Point Home (WPH), a global marketer and manufacturer of home products, has opened a new spinning facility in Bahrain. The company has...

Indian Government assures full support to Assamese sericulture farmers

Indian Minister of State for Textiles Ajay Tamta has said the Government would be supportive to farmers engaged in sericulture sector in the...

Open Hybrid LabFactory installs new multi-axial knitting machine

Taking technology to a new level, Open Hybrid Lab Factory has installed modified multi-axial warp knitting machine powered by a leading German textile...

Kornit Digital bags orders for Allegro at Heimtextil 2017

Kornit Digital, a global market leader in digital textile printing technology, has received new system orders at the recently held home textile fair...

Indian Textiles Minister assures support to technical textiles sector

Union Minister of Textiles, Smriti Irani, has assured to address the issue of lack of manpower in technical textiles sector of the country...

Indian textile manufacturer Vardhman gets MP Govt.’s nod to expand

Leading Indian textile conglomerate Vardhman Textiles Limited has reportedly got approval from Madhya Pradesh (India) Government for its expansion and modernization plan worth...

India’s SIMA upset over cotton adulteration; seeks Centre’s intervention

The Southern India Mills’ Association (SIMA) has urged the Centre to take action against those responsible for cotton adulteration, as textile mills in...

Arvind installs country’s first Monforts Eco Line denim finishing machine

Arvind, India’s leading denim producer, has installed the nation’s first Monforts Eco Line denim finishing machine for faster production, greater savings in energy, and better flexibility in design and innovation. Installed by...

India’s Textiles, Environment Ministries to discuss issues in handicraft sector

India’s Textiles Ministry and Ministry of Environment are soon expected to host a meeting in order to find short- and long-term solutions for...