Consumer Protection Authority Approves Meta Abo Acquistion

Apr 22 , 2022

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.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


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ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...