Ethiopia: Another Textile Factory Folds

CBE forced to take over as it can't find buyers for Turkish-owned Saygin Dima.

After repeated attempts to transfer the ownership of troubled multimillion Br textile company Saygin Dima, the Commercial Bank of Ethiopia (CBE) has taken control of the company. The bank is still looking into options for the administration of the company. Saygin Dima, which used to be owned by Turkish investors, has been in the foreclosure process for the past six months. However, the factory has failed to generate any interest from buyers. The foreclosure came after the former owners failed to pay their loans.

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