Ernst & Young to Advise Sugar Privatisation

Jul 31 , 2021

Ernst & Young, one of the big four management consultants, has won the bid to advise on the privatisation of 10 sugar industries under the Sugar Corporation. Though 11 companies showed an interest in the invitation to bid after a call for expression of interest was rolled out in 2020, only six were able to fulfill both technical and financial criteria, and only two made it into the final round of evaluations. Ernst & Young beat out the only other bidder, PricewaterhouseCoopers (PwC), after offering its services for 3.3 million dollars. PwC had offered double that amount. The 10 factories to be sold off include Welkayit, Tendaho, Kesem, three of the Omo Kuraz factories, Arjo-Dedesa, and Tana-Belese. Metehara, Fincha, and Wonji sugar factories will, however, remain under state ownership.