The Ethiopia Commodity Exchange has sold a single membership seat for 3.2 million Br, the highest bid price in its young history.
The six-round bid was conducted at the head office where three seats were put up for sale.
The sales of the seats are executed every quarter throughout the year, based on the request of bidders.
For the current tender, three bidders have shown interest, and the one with a 3.2-million-Br offer became the winner, while the lowest offer was 2.2 million Br.
The winning bid price was higher than the previous highest bid by 36,000 Br. When ECX started operations, the highest recorded price was 50,000 Br for a seat.
The Exchange has 347 member seats for those who have direct transaction rights and for the others to transact by intermediaries. Both of them have the right to transfer their seats if they have at least been a member for three years.