Ethiopia’s plan to privatize two state-owned firmed in October failed to attract any bids from investors, 2Markato.com quoted a Fortune report .

The horn of Africa nation had offered stakes in Caustic Soda S.C. and Ethiopian Mineral Development S.C. in October, but they failed to attract bidders.

“The sum total of people who bought the bid document in this auction was more than 40, but no one put forward a price,” said Asebe Kebede, deputy communication head at the Privatization & Public Enterprises Supervising Agency’s (PPESA).

The Agency had offered both enterprises for sale before, however, this was the first time that the Ethiopian Mineral Development S.C had been offered for full privatization, according to Fortune.

PPESA is targeting to privatize about 18 state owned enterprises this fiscal year, as part of a plan to privatize dozens of corporations in the next three years

Ethiopia, whose state-dominated economy ranks among the fastest growing in the world, aims to sell around 40 enterprises, including several large farms, a winery and a big hotel, a Reuters report said in early 2012.

So far, the Agency has offered seven enterprises, including Weyra Transport S.C, Transport Construction Design S.C, Addis Abeba Ghion Hotel. PPESA accepted bids worth 2.1 billion birr ($121 million) for the seven state-owned firms.

In 2011, Ethiopia sold its last remaining breweries Bedele, Harar and Meta Abo to Heineken and Diageo for a combined $388.3 million.