The Development Bank of Ethiopia intends to sell the collateralize property shown in the table below

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Overview

  • Category : House & Building Foreclosure
  • Posted Date : 08/27/2021
  • Phone Number : 0115245373
  • Source : Reporter
  • Closing Date : 10/07/2021

Description

Auction Announcement

The Development Bank of Ethiopia intends to sell the collateralize property shown in the table below, repossessed from a defaulted borrower – Yigarsehaduta Agro-processing plc pursuant to the power vested to it under Proclamation No. 97/90 and 1147/2001.

Name of the borrower Property

location

Type of property Plot size Auction floor  Price

(in Birr)

Level

of auction

Date &time auction
Yigarsehaduta Agro-processing plc Honey Processing Plant: Gambella Region, Majang zone, Gudere Woreda, Meti Town.

The Farm is located at Gambela Region, Majang Zone, Mengeshi Woreda, Ashene & Baya Kebele.

Buildings, Vehicles, bee hive machineries and land development 1.5hectares of processing plant & 500ha of Bee heavies farm 36,875,434.62 (Thirty Six Million Eight Hundred Seventy Five Thousand Four Hundred Thirty Four Birr and 62cents)  First October 7, 2021 From 10:00 am to 12:00 pm

Instructions

  1. Bidders shall submit 25 % (twenty five percent) of the floor price only in CPO as an 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 the 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 processing site located at: Gambella Region, Majang zone, Gudere Woreda, Meti Town 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 Such like vehicles, machineries, 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 farm on 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 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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