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State-owned, Bekelcha Transport Share Company has been sold to Tikure Abay Transport Company for 325 million birr.
Tikure Abaye is part of the Tiret Corporate which is owned by the Amhara Development Association. The company made a 35 percent down payment to the Privatization and Public Enterprises Supervising Authority (PPESA). They will pay the balance in the coming five years.
During the event held at Elilly Hotel on Monday September 15, it was announced that Bekelcha will transfer all of its 160 trucks to Tikur Abay.
Beyene Gebremeskel, director of PPESA said during the signing ceremony that Tikur Abay won the bid eight months ago but there were some delays during the process. Bekelcha had not been earning profits and they felt it was better to transfer it to Tikur Abay which has a history of being profitable. He added that all the 602 workers of Bekelcha will be transferred to Tikura Abay and their salaries and benefits would remain the same.
Bekelcha is one of four state owned transportation companies along with Comet Transport S.C. Weyra and Shebele Transport S.C.
Hassen Yosuf, who manages Tikure Abay says he believes the takeover will give them a huge market share in the transportation sector. Tikur Abay currently owns 400 trucks and made over 70 million birr last year.
In addition to Tikur Abay, Tiret Corporate currently owns Zeleke Agricultural Mechanization PLC, Dashen Brewery Share Company, Ambasel Trading House PLC, Tana Communications PLC, Belesa Logistics and Transit and the new Gondar Malt Factory.