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

E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Radar

Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Radar

Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...


Back
WhatsApp
Telegram
Email