The Development Bank of Ethiopia intends to sell the following property that it has acquired from a defaulter pursuant to the power vested in it by proclamation No. 97/98. 216/2000 and 1147/2019.

Bid Announcement

The Development Bank of Ethiopia intends to sell the following property that it has acquired from a defaulter pursuant to the power vested in it by proclamation No. 97/98. 216/2000 and 1147/2019.

1.       Interested bidders can obtain a complete bid document of the property, during office hours of the Bank upon payment of non-refundable fee of Birr 100.00 (Birr One Hundred) in cash, and fill out the bid document with their name, they offer price and other information as required by the format. The complete Wax-sealed bid document should be received until March 30, 2026 9:50 for My Shoes and Leather Manufacturing PLC and until March 31, 2026, 9:50 AM for Majang Agro-Industry PLC bid box placed at the Bank's Head Office, second tower, ground floor starting from the third day of publication of this bid announcement and can negotiate on March 30, 2026 from 10:00 A.M-12:00 A.M and March 31, 2026 from 10:00 A.M-12:00 AM respectively.

2.       Bidders shall submit 10% (ten percent) of the floor price only in CPO as a bid security.

3.       A winner shall deposit the remaining winning price within 15 (Fifteen) calendar days from the date award. Failure to deposit the amount within the specified time frame shall be a cause for loss of a bid security and cancellation of the award (bid).

4.       The bid shall take place at the Head Office of the Development Bank of Ethiopia, Tower II, 5th Floor, on the date and time stated under Item No. 1 and specified in the table above.

5.       The winner is required to pay 15% VAT (Fifteen Percent Value Added Tax), and all other legal and administrative fees and charges in accordance with applicable laws.

6.       Some components of the properties have been procured under duty free scheme. Thus, the winner should either have matching custom duty exemption privilege or else shall be bound to pay the outstanding duties & taxes.

7.       Since the operation of the project for Majang Agro Industry PLC has been continued, on top of winning price, the winner may take farm products on cash basis through negotiation based on the floor price to be determined by the bank at the time of handover of the property.

8.       Interested bidders might be make a prior appointment with the Bank to visit the properties before the bid date.

9.       The bank intends to sell the properties preferablly on cash; nonetheless, the winner can apply for a loan facility for unpaid balance as per the Bank's Credit policy and Procedure.

10.   The winner is required to take over all permanent employees of the project Majang Agro Industry PLC along with their rights and benefits.

11.   The bank will write a letter to the concerned government body to facilitate transfer of the title of the properties to the buyer. It shall be the buyer's responsibility to follow-through the process and get it finalized.

12.   Only the bidders or their legal agencies shall be allowed to attend the bid process.

13.   Interested and eligible bidders may obtain more information from the Development Bank of Ethiopia, Ongoing Concern Projects and Acquired Assets Management Directorate, 2nd Tower 3rd Floor or through telephone 011-524-5373/ 011-524-4269. The Bank can arrange a pre-scheduled visit for interested bidders,

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

DEVELOPMENT BANK OF ETHIOPIA