Hedasse Share Company officially announced that it has started selling shares for the construction of the Hedasse Grand Mall. The mall that is set to be the largest on the continent, overtaking the Mall of Africa found in Johannesburg, South Africa is expected to be built on 250,000 square meters of land in the Merkato area that has yet to be obtained.
“It’s been a few months since we started selling shares and we are very surprised by how fast they are being sold. We have done an extensive feasibility study on this project and we have found that it will be very profitable,” said Dereje Mekonnen, General Manager of the project.
Currently, the largest mall in Africa has 2,000 shops, cafés and restaurants, offices, game zones and so on. The Hedasse Grand Mall is aiming to host 5,000 shops and the facility is expected to consume three billion birr.
According to the company, the project will be contemporary and iconic to implicate the development of the country and it will feature Ethiopian architectural style. Furthermore, the design shows that the building will have a lot of natural light, will be using solar power and feature large public green areas.
“We know there have been a lot of issues and mistrust when it comes to share companies because there have been instances where companies have failed to deliver. But now it is known that there are regulatory bodies and measures put in place by the government to make things easier. We are also very determined to make this work,” said Keder Mohamed, law expert at Hedasse S.C. The company has floated 2,998,750 shares each with a value of 1,000 birr. The Hedasse Share Company was founded by 25 individuals in 2013.