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Ethiopia Commodity Exchange (ECX) announced Friday that it has sold 18 full membership seats out of the 30 that were put out on a bid.
The opening of the bid, it is recalled, had previously been postponed as the number of bidders that took part appeared very much lower than expected.
Earlier this year, the exchange had announced that it will provide 30 full membership seats for farmer cooperatives to facilitate their direct involvement on the exchange, which is currently trading in agricultural produce on the floor.
The bid was open in four sectors which are coffee, sesame, pea bean and others. The membership seats cost is 392,500 birr, 191,300 birr and 178,600 birr respectively. The average price of a seat is 233,218 birr and ECX has collected over 4.1 million birr from the sales of the 18 seats.
“ECX is giving its unprecedented support to small scale farmers and is actively participating in the Growth and Transformation plan,” said Anteneh Assefa, ECX General Manager.
ECX indicated that last year, the average price for a full membership seat stood at 1.35 million birr and if this bid was open for private companies, ECX would have collected another 20.1 million birr.
The company also revealed that it has made some changes in its services through an 18 month study, such as the number of days for coffee to be stored in warehouses which was previously 30 days is now reduced to 20 days. Another area of change is in the trading service charge of ECX which was previously 2.70 birr for sellers and 2.10 birr for buyers has now increased to 3.50 birr for both.
ECX commenced trading operations in April 2008, with contracts trade in coffee, sesame, maize, wheat, and pea beans, and it is a market place where buyers and sellers come together to trade based on warehouse receipts, assured quality, delivery and payments. It is a national multi-commodity exchange that provides market integrity, efficiency and transparency.