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Nib Bank and Midroc Ethiopia are to become shareholders in the Addis-Africa International Convention and Exhibition Center (AAICEC).
“We are currently holding talks with several big companies who have shown an interest in becoming a share holder in the AAICEC, among those are Nib Bank and Midroc Ethiopia,” said Meseret Mamo, Deputy General Manager of AAICEC.
The Company has issued 300,000 ordinary shares for public subscriptions last month. The minimum number of shares is 25, each at 1,000 birr.
It was stated that AAICEC plans to raise 300 million birr from selling shares which will be used to finance the first phase of the construction of the center.
“The first phase which we expect to finish within two years will be financed by the money we get from shares. The remaining 60 percent of the financing for the rest of the construction will be from a bank loan,” Meseret also said.
Among other things, the center will include a conference hall, shopping mall, recreational center, exhibition pavilions as well as a four star hotel.
“The exhibition and trade fare show industry is a trillion dollar industry in the world. Ethiopia needs to tap into this huge opportunity and we believe AAICEC will help do that. Through it the country will become the hub of trade and exhibition shows that will involve a lot of countries,” Meseret stated.
AAICEC is a company that was established by 20 founding shareholders and with a 10 million birr paid up capital. The project that is set to take five years to be fully finished will take a total investment cost of two billion birr.