Ethiopia’s biggest mall located in the affluent area bole within the capital Addis Ababa was reportedly in foreclosure for under a month before being auctioned and sold to Chinese East Steel
The Ethiopian Reporter, a local news source, on Saturday, June 05 reported that the mall was up for sale in foreclosure with all its recreation facilities.
Teklembirhan Ambaye, who is the owner of Tekleberhan Ambaye Construction, apparently took a loan from the Commercial Bank of Ethiopia with Edna Mall as collateral.
According to our source, Mr. Teklebirhan Ambaye was unable to repay his debt to the Commercial Bank of Ethiopia – something that prompted the foreclosure.
The mall covers an area of 1938 square meters and has facilities including a cinema, entertainment, and gym – among other shops & venues.
Commercial Bank of Ethiopia was said to be working on the bidding process. The asking price, according to the Ethiopian Reporter, 236.9 million ETB which is about 5,392,820.03 USD. Nonetheless, The facility was sold at a staggering 810 million ETB (18,438,937.20 USD)
Mr. Teklebrihan’s construction business was started in 1991. The company claimed the best contractor award for 2012.
Tekleberhan Ambaye Construction PLC (TACON) is one of Ethiopia’s most well-known construction businesses, working on a variety of projects throughout the country. With a capital surpassing Birr 1 billion, the organization is currently recognized as a Class I Building Contractor.