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The Development Bank of Ethiopia intends to sell the following project

Bid Announcement

The Development Bank of Ethiopia intends to sell the following project which it has acquired due to defaulted loans in pursuant to proclamation No. 97/90 and 98/90.

The Development Instructions

1.   Interested bidders can purchase a complete bidding document, in English, during the run of office hours from the Project Rehabilitation and Loan Recovery Directorate II of the Bank upon payment of non-refundable fee of Birr 100.00 (Birr One Hundred) in cash to Corporate Branch, and fill out the bid document with their name, the price they are going to offer and other information as required by the accompanying format. The complete Wax-sealed bid document should be received until November 26, 2019; 9:00AM through bid boxes placed in the Bank’s Head Office, second tower, ground floor starting from the third day of publication of this notice announcement.

2.   Bidders shall submit 10 % of the floor price only in CPO as an earnest.

3.   A winner shall pay the total acquisition price within 15(Fifteen) calendar days. Failure to pay within the specified time period shall be the cause for the loss of the earnest price and cancellation of the award.

4.   The Bid shall take place at the Head office of Development Bank of Ethiopia on the date and time specified in the table above.  

5.   The winner is expected to pay 15% VAT (Fifteen Percent Value Added Tax), and all other legal and administrative fees and charges that are associated with the sale of the property.

6.   Since operations of AYKA Addis Textile & Investment Group PLC, Else Addis Industrial Development PLC and Angel’s Cotton and Textile production PLC are under DBE’s on-going scheme, on the top of winning price, the buyer is required to pay in cash/credit/the value of inventory items (item in transit, raw materials in stock, semi-finished products, items in progress, spare parts and finished products) which could be determined through valuation at the time of handing over of the property.

7.   The winner can apply for a loan facility for the unpaid balance as per the Bank’s Credit Policy and Procedure.

8.   Only the bidders or their legal representative will be allowed to attend the auction process. 

9.   Interested and eligible bidders may obtain more information from the Development Bank of Ethiopia Project Rehabilitation and Loan Recovery Directorate II 2nd Tower 3rd Floor or through telephone 011-524-53-73.  The Bank can arrange a pre-scheduled visit for interested bidders, up on prior notice to the Directorate.

10. The Bank reserves the right to cancel the bid partially or fully.