The Development Bank of Ethiopia wishes to se;; the collateral property specified in the table below for the loan granted to Gizal Textiles PLC through a pu blic auction pursuant to the power vested in it by proclamations No 97/1998 and 1147/2019

  The Development Bank of Ethiopia wishes to se;; the collateral property specified in the table below for the loan granted to Gizal Textiles PLC through a pu blic auction pursuant to the power vested in it by proclamations No 97/1998 and 1147/2019.

Auction Instructions.

1. Biddders who eish to visit the property before the auction date can do so by arranging an appointment with the bank.

2.. Bidders shall deposit 25% of the floor price of the bid as a bid securty bond by bank payment oreder C.P.Owill be  before the dyay of the bid the non-einning bidders 'CPO'' will be refundad immediately.

3. The auction will be held in the premises of the project in the presence of debtors or their legal representatives bidders or their legal representstves and observers on the  date and time mentioned in the table the auction  date and time mentioned.

4. The highest  bidder will be declared the winner only when the concerned Directorate of the bank issues a letter stating that the bidder has won the auction.

5. The winning bidders shall pay the winning price to the bank within 15 days from the  date he receives a written declaration of the winning bid.

6. Where the winning bidder fails to make payment within the specified period the bid will be canceled and the deposit will not be refunded.

7. The winning bidders nust be eligible for a tax exemption or be obliged by law to pay the tax that the goverment levies on the assets in the case of vehicles for ehich customs duties and taxes have not been oaid.

8. The bnak sells the offered property in cash However if the winner fulfills the necessary requirements accoringto the bank 's loan policy and continues the work on the project he can apply for a partial loan to purchase the properly The bank will write a letter to the concerned goverment bondy to hand over the property the buyer.

9. Befor or after the auction the bank reseves the right to cancel the auction if a better alternative is fund or the loan is repaid.

10. The winner shall pay 15% value added tax and all other legal and administrattive fees and charges that are associated with the the sale of the property and ownership name transfer.

11.. For more information contact the Ongoing Concern Projects and Acquired Asset Management Dirctorate at Telephone number 011-524-53-73 or the bank's website at www.dbe.com.et.