State Surrenders Ownership of Can Plant

Mar 16 , 2019


The government is selling off its stake in Ethiopian Crown Cork & Can Manufacturing Industry S.C. The Public Enterprises Holding & Administration Agency, which owns a 75pc share in the company, is selling its share to GCF Business Group Plc for 130 million Br. GCF Business Group, a local company that has been in the export of cereals, hotels, medical gloves and the production of roof tiles, is the only company that showed an interest in acquiring the company and made a 4.1 million Br offer above the government’s minimum requirement. The buyer will pay 35pc of the total price, 45.5 million Br, to sign the agreement and make the rest of the payment within five years.


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