Tag Archives: Manufacturing failed sector

CBE forced on disastrous path taking over foreclosed manufacturer Turkish Saygin Dima

4 Jan

Posted by The Ethiopia Observatory (TEO)
by Addis Fortune
 
After repeated attempts to transfer the ownership of troubled multimillion Br textile company Saygin Dima, the Commercial Bank of Ethiopia (CBE) has taken control of the company. The bank is still looking into options for the administration of the company. Saygin Dima, which used to be owned by Turkish investors, has been in the foreclosure process for the past six months. However, the factory has failed to generate any interest from buyers. The foreclosure came after the former owners failed to pay their loans.
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