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.
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.