Zemen Bank announced it will auction a residential property from WA Edible Oil Refinery, one of Ethiopia's largest refineries. WA Edible Oil Refinery is owned by prominent investor Worku Aytenew.
The three-story building in Addis Ababa's Yeka Subcity spans 1,403 square meters. It will be auctioned on May 10, 2024 with a floor price of 62.7 million birr.
Zemen Bank, overseeing the foreclosure, said winning bidders may qualify for a loan of up to half the purchase price. Bidding will start at 62.7 million birr, increasing from there.
The auction takes place at Zemen Bank headquarters on May 10th.
WA's factory in Debre Markos, Amhara, opened in 2021 after a five billion birr investment by owner Worku Aytenew. However, production stopped over a year ago. The plant was seen as promising to reduce imports of processed oils.