Hidasie Telecom, the firm founded by ex-Ethio Telecom staff, constructing $15.5 million headquarters




Hidasie Telecom, a telecom products and services distributor which was started over 9 years by retrenched Ethio Telecom staff, has began constructing a mixed-use business complex which will act as its corporate headquarters, for an estimated budget of 500 million Birr (about $15.5 million).

The business complex, to be located within the Hayahulet area in Addis Ababa, will have 19 floors and four basement levels. The building is to occupy 1,500 square metre of land, according to media reports and is scheduled for completion in the three years.

Anchor Foundation Specialist, a firm specialising in foundation works, began the construction in November last year. Anchor’s other projects United and Nib bank headquarters, Marriot International Hotel and the Addis Abeba Light Railway Transit Qality Terminal.

BKW Consulting Architects, Planners and Engineers, has been contracted to do the architectural and engineering works as well as supervise the project.

According to Addis Fortune, the project had been previously awarded to Tekleberhan Ambaye Construction (TACON) but Hidase Telecom in April last year terminated the contract due to delays.

“TACON was supposed to complete the construction of the shoring and underground work within six months after the construction started,” Gosaye Demissie, the CEO of Hidasie Gosaye told Fortune.

TACON received 18.3 million Birr ($0.57 million) as a downpayment but only undertook work worth 6 million Birr, according to Gosaye.

Hidasie Telecom, set up with an initial capital of 200,000 Birr ($6,200) and 2,508 shareholders, currently has 4,500 employees. In 2019, the firm reported 497 million Birr ($15.4 million) in revenues and 52 million Birr ($1.6 million) in net profit in 2019. It engages with the distribution of mobile prepaid cards, SIM cards, bill collection, vehicle maintenance and sales of mobile phones and parts.

Hidasie Telecom, which currently spends 8 million Birr ($0.25 million) annually on rent, plans to finance the structural works from its own balance sheet.

(Visited 254 times, 1 visits today)

Advert:




Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.