Consumer Protection Authority Approves Meta Abo Acquistion

Apr 22 , 2022


[ssba-buttons]

The Trade Competition & Consumer Protection Authority has given the go-ahead to BGI to complete the acquisition of Meta Abo Brewery. In January, Diageo announced it had reached an agreement with BGI Ethiopia to sell its sole manufacturing in Ethiopia. Diageo wants to sell 99.9pc of its shares in Meta Abo, once a state-owned company before it was acquired 12 years ago for 225 million dollars. Erected in Sebeta town, Oromia Special Zone, 30Km southwest of Addis Abeba, in 1967, Meta has an annual production capacity of 1.7 million hectoliters. The acquisition will push BGI's production capacity to 6.4 million hectoliters. The acquisition process has been completed at the Documents Authentication & Registration Service, which evaluates the documents presented by the company, including tax clearance and other paperwork. Before the approval, in February 2022, the Authority had sent a letter to Heineken, Dashen, Habesha and United breweries asking for their take on the acquisition. "We have an exciting vision that will see Meta bigger and better than before," said Laurent Lescuyer, chief executive officer (CEO) at BGI Ethiopia.


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...