Flintstone Homes, one of the pioneering private companies engaged in the real estate and construction sector, prepares to go public with offerings of ten million shares.
The company plans to start share selling as of July 15, 2023 and targets to generate 5 billion birr from the share sale.
According to the company’s founder, Tsedeke Yihune, during a press conference held at Hyatt Regency Hotel on Tuesday, May 16 2023, the minimum amount of shares offered for sale is 20 thousand birr while the maximum is two million birr, at one thousand birr a share.
The sale of the shares was said to be necessary mainly to transform the company from a five-person partnership to a public property, as well as to obtain additional capital. The company plans to build ten thousand houses and deliver them to consumers in the next five years.
“If an individual can start out with a capital of 6,000 birr and do in billions worth of work then it accordingly means that thousands of shareholders’ money and good management will enable to do more transcendental work,” Tsedeke noted, indicating that the plan is also to solve the company’s serious financial problems.
As indicated on the press conference, Flintstone Homes is expanding its reach in different regions. Tsedeke stated that they had plans to expand real estate construction in Oromia, Amhara, Tigray and Afar regions, especially in rural towns. The founder further pointed out that although the security problem prevented them from achieving their plans, they will implement their projects as soon as peace prevails.
During the company’s response in a series of frequently asked questions that pointed towards not delivering houses on time, the firm cited that over the last eight years it had not been able to deliver projects as per said timelines since delivering cost friendly homes takes time. Likewise, financial problems and the recent rise of cement and steel prices have aggravated the issue.
Flintstone Homes is a real estate business which was launched in 2008 by Flintstone Engineering s.co, which was formerly known as ‘Tsedeke Yihune Construction’ when founded in 1992 whist joining the Ethiopian construction sector as a level 8 building contractor. A year later the company was named Flintstone Engineering.
The firm in last 15 years has handed over five thousand houses including shops to customers. The company has about 3,500 houses under construction, and about 6,500 houses that are about to be completed and placed on the market. In the next five years, a total of 10,000 houses are planned to be handed over to customers.