The company, which will start selling shares to the public in three weeks time, has acquired its investment licence from the Ethiopian Investment Agency, operational licence for the travel and tour services from the Ministry of Culture and Tourism and for the lodges from the Ministry of Trade and Industry, according to Abiy Kebede, one of the founders of the company.
Duka has selected nine members for its board of directors. Adele Bitul (Eng.), who was a senior member of the committee for the return of the Axum obelisk, has been elected board chairman. Abraham Misgan, another founder, has become deputy chairman.
they set out to establish the company because a survey they undertook showed then that there were too few lodges at tourist attraction sites in Ethiopia, said Abiy, who has also been elected into the board.
The company will have its head office in Addis Abeba and branches in Bahir Dar, Arba Minch and Axum.
The company has so far raised four million Br in capital from the 120 original shareholders. The company hopes to raise 45 million Br from the sale of shares to the public. A minimum of 10 shares will be available at a par value of 1,000Br. Investors can buy a maximum of 500 shares, Abiy told Fortune.
The company was first initiated by 10 founders with 10 shares, each worth 100,000 Br. They have subscribed for 100 shares with a total paid up capital of 100,000 Br.
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