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Poor attendance of frustrated Access Real Estate (ARE) shareholders led to the cancellation of the extraordinary meeting called by the board of directors on Saturday, January 30. About three weeks ago at a meeting held between the main committee chaired by Mekuria Haile, Minister of Urban Development and Housing and share holders of ARE decided that Access shareholders should themselves find solutions to save the company within a two weeks period. The government ordered not only shareholders but homebuyers to come up with their new strategy in two weeks time to end the company’s saga.
To find such a solution, the board of directors of ARE called a meeting a week ago, however the meeting had to be cancelled as the low turnout of below the minimum quorum of total shreholders.
Shareholders who did not attend the meeting told Capital that they are frustrated by the company’s troubles and have given up on the company’s future.
About 652 shareholders and over 2,500 homebuyers are still waiting for the delivery of their houses; thus far, not a single home is in the hands of a homebuyer.
Homebuyers who requested anonymity told Capital that they are not delighted by the ideas being peddled at these meetings, “I don’t want to buy shares in the company, I just want my house or any other solution that will make it possible to get my home.”
Access has sold houses at over 19 sites from the total of about 41 plots that it and its partners owned.
Earlier this week, Ermias appeared in court for the third time, however, hearing of his charges has not started. Prosecutors requested another 10 days to finalize their investigation, which the court accepts.
The board has called for yet another meeting scheduled for February 13.