The Development Bank of Ethiopia intends to sell the collateralized property (Buildings, Machinery & Equipment's, Vehicles & Raw materials):[የመኪና ጨረታ][bc][ማሽነሪ][የቤት ጨረታ]

Opens On: Jun 27, 2022
Closes On: Jun 27, 2022
Region: Addis Ababa
Source: Ethiopian Herald May 27, 2022

Auction Announcement

The Development Bank of Ethiopia intends to sell the collateralized property shown in the table below, repossessed from a defaulted borrower pursuant to the power vested to it under Proclamation No. 97/98 and 1147/2019.

Name of the borrower property

Property

Address

Type of property

Plot size

Auction floor Price (in Birr)

Level of auction

Date & time auction

Alemgenet Trade and Industry PLC

Addis Ababa Town, Nifas Silklafto Subcity, Wereda 12

Buildings, Machinery & Equipment's, Vehicles & Raw materials

3,967 m²

213,818,338.64 (Two Hundred Thirteen Million Eight Hundred Eighteen Thousand Three Hundred Thirty-Eight Birr and Sixty Four cents)

Re-auctioned

 

June 27, 2022

From 10:00 AM

to 12:00 AM

 

Instructions:

  1. Bidder shall submit 25 % (twenty-five percent) of the floor price only in CPO as earnest.
  2. The winner shall pay the total auction price within 15 (Fifteen) calendar days. Failure to pay within the specified time period shall be a cause for the loss of the earnest price and cancellation of the award. Besides, the winner shall also be held responsible for the shortfall that may occur during the re-auctioning of the property.
  3. Only the borrower or his legal representative, bidders or their legal representative, and concerned government organs will be allowed to attend the auction process that takes place at the factory on the date & time specified in the table above. CPO of non-winner bidders will be returned back.
  4. The winner shall pay 15% Value Added Tax, and all other legal and administrative fees and charges that are associated with the sale of the property.
  5. Some of the Properties like vehicles, machinery, etc. have been procured under duty-free privileges. Thus, the winner needs to either have matching customs duty exemption privilege or shall pay the outstanding duties.
  6. The winner can apply for a loan facility for the unpaid balance as per the Bank's Credit Policy and Procedure. However, a winner who is interested to purchase the factory on a credit basis is required to submit, to the bank, documents that confirm he/she/it, under his/he/its name and/or a company in which he/she/it holds 10% (Ten percent) or above share/s, is clear from any statutory or other liabilities, including unsettled payment claims.
  7. Interested and eligible Participants may obtain more information from the Development Bank of Ethiopia Project Rehabilitation and Loan Recovery Directorate- II 2nd Tower 3rd Floor or through telephone at 011-524-53-73. The Bank can arrange a pre-scheduled visit for interested Participants
  8. The Bank reserves the right to cancel the auction partially or fully.

THE DEVELOPMENT BANK OF ETHIOPIA


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