Private Equity Firm Buys Stake in Detergent Maker

Apr 26 , 2019

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.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...