Private Equity Firm Buys Stake in Detergent Maker

April 26 , 2019


Private Equity Firm Buys Stake in Detergent Maker

The Swiss-based private equity firm, Zoscales Partners, bought a majority share of Ethio-Asian Industry, a detergent producer partly owned by East African Holdings. In 2018, Zoscales Partners announced two equity investments worth 75 million dollars they planned to make in Ethio-Asian and CGF Crown Cork Manufacturing, which engaged in the production of crown corks. The firm had planned to invest 45pc of the total amount by the end of the first quarter of 2019. Zoscales, managed by a team of international investment professionals, focus on small and medium-sized companies with superior return potential. Ethio-Asian Industries is also engaged in edible oils after it acquired Hameressa Edible Oil Factory.


Radar

Ministry Revokes Hundreds of Mining Concessions

The Ministry of Mines has revoked the licenses of 972 for alleged non-compliance with the terms of their exploration and production permits, and involvement in illicit trade.  Among those on the receiving end of the measure is Kefi Gold, a firm that has been conducting gold exploration in the Western Wellega Zone of the Oromia Regional State for over a decade. The 2,000hct exploration area is estimated to hold deposits of close to 50,000Kg of gold. Last week, the National Bank of Ethiopia ap...


Radar

World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas target...


Radar

DISRUPTION HOPEFULS

Youths checkout a booth at the AddisRupt Expo 2022, which was hosted at Safari Hotel on June 25, 2022. The expo focused on technological and entrepreneurial work, showcasing over 20 startups to visitors. The promoters of the expo aimed at connecting startups with investors and was organized by firms such as LinkUp Addis, Profit Marketing and Afromile Trading...