Expected to take 18 months, structural construction will cost 140 million birr.
Addis Ababa, Ethiopia -Ã‚Â United Insurance Company SC (UNIC) has awarded Zamra Construction PLC a 140 million Br contract for the structural construction of its new headquarters, on Churchill Road, in Arada District.
The two parties signed the contract on Monday, April 1, 2013 at the companyÃ¢â‚¬â„¢s current headquarters, in Al Paulo Building located in Bekelo Bet, Sierra Leone Street.
The building, which has 12 storeys and three basement floors, was designed by Geretta Architects & Engineers, two years ago.
UNIC, established in 1994 by 87 shareholders, with a startup capital of eight million Br, is fully financing the construction of the building. It now has 334 shareholders with a paid up capital of 91 million Br. The company recorded a profit of 36.2 million Br, after taxes, last year; up by 37.6pc from the previous yearÃ¢â‚¬â„¢s profit of 26.3 million Br.
The construction will take place on a 2,000sqm plot that UNIC acquired 10 years ago from individuals, according to Mesfin Iyasu, the companyÃ¢â‚¬â„¢s public relations officer.
Ã¢â‚¬Å“The multipurpose complex will not only create an investment opportunity, but also a comfortable working environment for our employees and, when completed, will also build shareholdersÃ¢â‚¬â„¢ and customersÃ¢â‚¬â„¢ confidence,Ã¢â‚¬Â said Meseret Bezabih, Managing Director of UNIC.
The structural construction is expected to be completed in 18 months, whilst the total construction of the building will take up to 30 months.
The chosen construction company, Zamra Construction PLC, was established in 2000, as a Grade 6 contractor with two employees. Zamra has since has upgraded its status to Grade 1 and now has 250 employees.
Ã¢â‚¬Å“Unless the coming rainy season interrupts construction work severely, we are hoping to finish according to schedule,Ã¢â‚¬Â Yonas Mekonen, project manager for Zamra Construction PLC told Fortune.
Zamra Construction PLC currently has 14 ongoing construction projects in numerous different parts of the country.