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Addis Prefab Houses Manufacturing Industries S.C inked a contract worth USD 15 million with Al Bahtawi General Building Equipment Trading FZC of Dubai.
Addis Prefab will supply steel channels, used for structure purposes, and other equipment for Al Bahtawi, which is supplying housing and building materials for the development of an industrial zone around Sharjah, UAE.
Addis Prefab has also signed a contract with Pinnacle Building Technology FZE, from the US, for the delivery of a Cellular Lightweight Conduit concrete (CLC) machine. The latter will have to deliver the machine by the end of January, according to Fikremariam Alemu, CEO of Addis Prefab.
The deal with Al Bahtawi that would also supply chemicals and steel coils for Addis Prefab, would enable the latter to save foreign currency, which is the main hindrance for Addis Prefab, according to Fikremariam. He said he is expecting and hopeful that his company would acquire USD 165 million soon from CBE. The company has also requested USD 180 million from other banks. “We approached as many banks as possible to obtain foreign currency, but we couldn’t secure the total amount we require. We still need USD 100 million more,” he said.
According to the CEO, Addis Prefab is being approached by various foreign companies from France, Turkey, Canada and Australia for partnership deals following their arrangements with New Orlines.
“Presently, a partnership deal isn’t something we are looking into or necessarily need. This is for various reasons, but primarily, in terms of capital, we are no match to our would-be partners.”
On December 24, 2012 the company agreed to supply 888 complete knock-down (CKD) houses in 12 months for New Orlines, a company that contracted to construct houses worth USD 450 million for the South Sudanese government. Addis Prefab is slated to receive USD 53 million from this deal. According to our sources, the houses are to be constructed for senior officials of the newly-formed country. New Orlines, based in the US, selected Addis Prefab, a very determined company that pledges to build durable, efficient and cheap luxury villas and condominiums in just days, to participate in the construction of the houses in South Sudan.
Fikremariam and Yonas Tessema, General Manager of New Orlines, signed the agreement on Monday Dec. 24, at the former’s Head Office situated in the Ahadu complex.
Addis Prefab, which has a capacity of producing 14,000 houses annually, will ship out the dismantled houses to South Sudan by Dec. 2013, where New Orlines will assemble the houses.
Addis Prefab has launched the construction of its factory in the town of Sendafa located in the Oromia Special Zone, 40km north of Addis Ababa. The CEO, Fikremariam, has promised shareholders that it will deliver their 463 houses by September 2013. The construction utilizes Light Gauge Steel (LGS) structure frames typically clad with Calcium Silicate Boards (CSBs) to build its houses and this reduces the cost of building a home by 30 to 40 percent, making construction 500 to 800 times easier and rapid.
It has procured the light gauge steel technology from Genesis, a US company, at a cost of 64 million birr.
This pioneer real estate developer of prefab houses will build 1,400 apartment units and 50 G+1 villas with priority given to shareholders interested in purchasing the houses. The company will construct its first batch of houses around the Bole Bulbula area on a 15,000 meter square plot. It also acquired another 30,000 meter square of plot around Summit area from a real estate company.
Founded two years ago by six individuals with an initial investment of 900,000 birr, the company has sold out 39 million birr’s worth of shares in only three months. It has now 860 shareholders. Addis prefab believes it is on the fast track and will set the record high for the fastest business setup.
The company also pledged to create 5,000 permanent and 60,000 non-permanent job opportunities for Technical and Vocational Education Training (TVET) graduates in the next ten years.