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EIH Acquires $3M Stake in Akobo Minerals

Aug 11 , 2025

Ethiopian Investment Holdings (EIH), the sovereign wealth fund managing over 40 state-owned enterprises, has acquired a 7.4pc stake in the Scandinavian-based gold producer, Akobo Minerals AB, marking its first-ever overseas investment.

The three million dollars deal was executed through a private placement of 15 million new shares at 0.20 dollars apiece. The capital injection will fund construction of a new vertical shaft at Akobo’s Segele mine in Ethiopia, projected to boost monthly gold output from five to 10Kg to 50Kg to 80Kg.

Announced today in Oslo, the acquisition places Ethiopia on the overseas stock market for the first time in over a century. Brook Taye (PhD), CEO of EIH, called it a “historic and strategic breakthrough” meeting its strategy fo diversifying assets, driving innovation, and delivering national returns.

Founded in 2021, EIH oversees major assets such as Ethiopian Airlines and Ethio telecom, with a mandate to seek high-value opportunities abroad.

For Akobo Minerals, which has operated locally for over 14 years, the endorsement implies confidence in its long-term vision.

“This milestone validates the strength of our Segele project,” said Jørgen Evjen, CEO of Akobo Minerals.

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