Tigrai Online
Feb. 17, 2012
MIDROC Ethiopia, seeks an amendment to the Ethiopian code to permit the formation of a holding company it's established.
The holding company, Derba Group of Companies was established to play a supervisory role & offer technical & operational managerial services for long term strategic investments.
The Derba Group will be made up of thirteen projects under independent companies. The total investment of the projects under DG is estimated at 71 billion birr, with annual sale turnovers expected to be over 41 billion birr.
The development of the Derba Group extends to the Derba MIDROC Cement Project Office, years ago. The office was then put in charge of Derba Midroc Cement, Derba Lime & Chemicals & Dashen Cement.
Investments that will come under the Derba group will include agriculture, cement, hospitality, mining, actual estate, steel & transport.
In the agriculture sector Saudi Star Agricultural Development, which is amongst the largest agricultural investments in the country, has been brought under the wing the group.
The DB has already made other significant investments in the construction sector including Derba Transport & Maya PP Bag.
Projects to be financed by DG include Derba Cable Manufacturing, Derba Construction, Derba Drilling, Derba Mining, Derba Resort & Luxury Hotels, Derba Trading House, Sara Residential Development, Toussa Steel Mill & the Sheik Mohammed Hussein Ali Al Amoudi Foundation.
The Group aims to re-invest the revenue earned from its strategic investments back in to the country. With this finish in mind it is expected that the revenue earned from the companies brought together under the wings of DG will finance other projects under the group.
Source Captal
