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.


Radar

Parliament Overhauls Three Key Sectors

Parliament approved two key proclamations last week seeking to strengthen the justice system and civil registration processes. The first re-establishes the Federal Justice & Legal Institute under the Federal Supreme Court. The Institute will provide mandatory training for law graduates and professional development for judges, aiming to improve the competence and efficiency of legal professionals. Parliamentarians emphasized the importance of centralized pre-service training for all justice p...


Radar

CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now sit at over 1.4 trillion Br. The CBE attained 147.6pc of forecasts and now accounts for 58.3pc of the sector's total. The total amount of loans provided by the Bank has reached over 1.3 trillion Br, with 88pc of the 153.32 billion Br in loans disbursed by the mid-budget year going to the private s...


Radar

Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currently, 13 additional vehicles and one residential property are in the process of being auctioned. In collaboration with the Financial Intelligence Service (FIS), the Bureau has been tracking taxpayers who try to escape the tax net. The Bureau has also announced that the deadline for submitting req...