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Ethiopian Shipping Lines S.C. was founded in1964 G.C. and started operation in 1966 G.C. with three newly built ships (two general cargos and one tanker).It was established as a share company with a capital of birr 50,000 subsequently to be raised to birr 3,750,000. Taurus Investment Inc. of Washington DC Agreed to subscribe to 51% of the capital requirements designating two directors of the company. The Ethiopian government under wrote the remaining 49% of the capital required designating two directors of the company. Eventually, the American sold his share to the government of Ethiopia and the company was fully owned by the government of Ethiopia since 1969/70 G.C.The company is now reformed to a share company with a capital of birr 289 million and operates under the supervision of Public Enterprises Supervising Authority