FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds

Fortune Logo

 Property Deal Gone Sour

Mar 4 , 2024

BGI Ethiopia has officially declared the termination of the sales transaction involving its HQ near the Mexico roundabout with Purpose Black Ethiopia. The brewery cites a "lack of genuine commitment" from Purpose Black as the primary reason for the breakdown in negotiations.

A pioneering brewery in the country, BGI had strategically planned to exit the city in compliance with the updated master plan, which restricts factory operations in the city centre. The expansive 30,000sqm property, featuring an eight-storey building, a factory unit warehouse, and ample parking space, was poised for acquisition by Purpose Black. The latter had expressed interest and unveiled ambitious plans for a 115-storey building named "Ke'Geberew Tower."

Purpose Black's financing strategy for the towering project involved public share offerings, initially priced at 1.5 million Br a share. The company claimed an impressive start, claiming sales of 1,000 shares and mobilising 1.5 billion Br within the first week. The share price was doubled to 3.5 million Br for the second round, allegedly exclusively offered to a select group of 750 individuals.

The fate of shareholders now hangs in the balance, with Ermias Berhanu, the legal head of Purpose Black, remaining tight-lipped about the issue.

"We're ready to sign whenever they uphold their side of commitment," Ermias told Fortune while refraining from providing further details on the fallout with BGI.

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

The Iran War Is Fueling a Global Debt Shock

The war in the Middle East has caused a sharp spike in oil, gas, and food prices, cre...

The Right Incentives for Climate Action

As wars reshape global energy markets, short-term priorities, from securing fossil-fu...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

The Elections Offered Order at the Centre, Silence at the Edges

Jun 6 , 2026

For a political veteran as controversial as Getachew Reda, last week's national elect...

Mistaking Development Theatre for Public Trust Has a Cost

May 30 , 2026

Tomorrow, millions of Ethiopians are expected to vote in the seventh national electio...

Tax Push Tests How Much Pain Taxpayers Can Bear

May 23 , 2026

An International Monetary Fund (IMF) team has spent weeks in Addis Abeba conducting t...

T-Bills Trap Begins in the Federal Government's Own Budget

May 16 , 2026

The federal budget tells a troubling story about inflation, debt and reform. The prob...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

A Journey of Survival, Forgiveness, Giving Back

Some stories arrive without fanfare, yet stay with us long after they are told. They...

When Ordinary Lives Rewrite Poverty

There are moments in life that leave people changed forever. A few days ago, I attended a conference at a religious inst...

Life Matters

We Don't Need Cover Letters We Need Conversations

We live in an age that celebrates efficiency, automation and convenience, yet the mod...

Beyond the Scoreline, How Foreign Football Becomes Local Identity

The recent celebrations in Addis Abeba following Arsenal's success were, to put it bl...