The state policy financer, Development Bank of Ethiopia (DBE), could not get any bidder during its recent attempt to sell Omo Valley Farm Cooperation, a 10,000ht cotton farm. The bid was meant to bag 166.5 million Br for the Bank.
Located in Hamer, Southern Nation, Nationalities and People' Region (SNNPR), Omo Valley has been owned by Turkish investors until it was foreclosed by the Bank.
Omo Valley is not the only company that failed to grab the attention of bidders. Four months ago, DBE tried to sell Condor Farms with a threshold price of 142.9 million Br but failed as no bidder showed up for the company. Elsie Addis and Dire Dawa textile factories also had the same fate like Omo.
Over the past five months, DBE announced various auctions although most did not manage to grab the attention of bidders. After observing such issues, the management of the Bank, headed by Getahun Nana, founded a new company with the aim of effectively administering unsold properties.
The central bank has already approved the establishment of the company,whose capital is 10 million Br.