Habesha Cement

Topics: Portland cement, Ethiopia, Cement Pages: 13 (3867 words) Published: October 27, 2011
II.Background of the Company
Habesha Cement is a Share Company incorporated as per the laws of Ethiopia and it was initially founded by individuals who have long years of experience in the cement industry and businesspersons who have the insight to run a big and complex business entity. It is now recently announced that the company has finalized a 1.52 Billion birr loan agreement with Development bank of Ethiopia to cover the 70% cost of the project. The company has already secured 31.6 acres of land around Holeta town of Oromia regional state and makes it ready for constructing the factory. It has selected North Holding Industries which is a Chinese company for the construction. The two companies have made an agreement to finalize the construction within 22 months. The total cost of the project including its construction is expected to reach 110 USD. The factory is expected to produce 1.4 million tons of cement per annum. The initial founders decided to collect the equity portion of the project cost and floated shares to the public for subscription and they manage to raise more than 550 million Birr. The first Extraordinary Shareholders meeting was convened and elected the following 12 Directors to run the company. • Gizaw T/Mariam (Engineer)- Chairman of the Board of Directors • Abebe Dinku (Professor)- Vice Chairman of the Board of Directors • Mesfin Abi (Engineer)- Director and Chief Executive Officer • Amha Ketsela (Captain)

• Ato Eskinder Desta
• Ato Mekonnen Buta
• Nigru Mulualem (Engineer)
• Ato Tamiru Wondimagegnehu
• Terefe Mengesha (Engineer)
• Tsedeqe Yihune (Engineer)
• United Insurance Share Co. Represented by Ato Eyesuswork Zafu • Yetebaberut Biheraw Petroleum Share Co. Represented by At Tsega Asamere

Profiles of the Directors are as briefly outlined below:

1)Engineer Gizaw T/Mariam

Engineer Gizaw T/Mariam started working for Dire Dawa Cement Factory after graduation, which was administered by the then Ethiopian Cement Corporation. He worked for many of the cement factories that were under the corporation assuming many high level managerial positions.

After the re-organization of government owned factories following the 1990 change of government, he became General Manager of Mugher cement factory and managed the company for more than 8 years. Under his management, Mugher cement registered rapid growth both in cement production and operating profit. In 2001, he was promoted to the position of Director General of Public Enterprises Supervising Authority and worked for more than a year.

In addition to his professional work, he was also active in other aspects of social activities. He served as President of the Ethiopian Football Federation and the Ethiopian Olympics Committee for more than six years. Now he has established with his colleagues a consultancy firm which provide advice and consultancy service for the cement and related industries. Eng. Gizaw has earned M. Sc. Degree in Mechanical Engineering.

2)Professor Abebe Dinku (PhD);

Professor Abebe Dinku is a lecturer at Addis Ababa University, Faculty of Technology, Department of Civil Engineering specializing in cement and concrete structure design. Throughout his long teaching career, he assumed many responsibilities. He worked as Dean of the Faculty, Head of the Civil Engineering Department, among other responsibilities. He wrote many research papers on cement and concrete and he is a leading figure in the field. He is member of lots of Academic and Professional Associations.

3) Engineer Mesfin Abi;
Engineer Mesfin Abi worked for Mugher Cement Enterprise for more than 12 years, starting his career in the industry as practicing engineer and later on assumed different managerial positions. He was manager of Addis Ababa Plant and technical manager of Mugher Cement. While he was at Mugher cement, he was actively involved in the rehabilitation work of Dire Dawa and Addis Ababa Cement plants. After leaving Mugher...
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