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Zemen Bank is set to conduct an auction for a residential property that belongs to WA Edible Oil Refinery, a major player in Ethiopia’s refinery industry. The refinery is under the ownership of well-known investor Worku Aytenew.
The announcement of the auction was made by Zemen Bank, signaling a significant development in the financial landscape of the country. The decision to auction off the property from WA Edible Oil Refinery highlights the challenges faced by the company in recent times.
As one of the largest refineries in Ethiopia, WA Edible Oil Refinery’s struggles have not gone unnoticed, prompting Zemen Bank to take action through the auction process. The outcome of the auction will undoubtedly have implications for both the refinery and its owner, Worku Aytenew.
The auction for the three-story building located in Addis Ababa’s Yeka Subcity, covering an area of 1,403 square meters, is scheduled to take place on May 10, 2024. The starting price for the auction has been set at 62.7 million birr.
Zemen Bank, the institution overseeing the foreclosure process, has announced that successful bidders may be eligible for a loan amounting to half of the total purchase price. The bidding will commence at the floor price of 62.7 million birr and will progress from there.
Interested parties are invited to participate in the auction, which will be held at the Zemen Bank headquarters on the specified date of May 10th. This presents a unique opportunity for potential buyers to acquire the property through a transparent and regulated process.
The WA factory, situated in Debre Markos, Amhara, was established in 2021 following a significant investment of five billion birr by its owner, Worku Aytenew. Despite its promising outlook to contribute to the reduction of processed oils imports, production at the plant ceased over a year ago.
The factory’s closure has had implications for the local economy and the industry as a whole.
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