Brookside Dairy, a Kenya based milk processing and marketing company is eyeing to acquire 20 percent share in Ethiopia's Elemtu Milk Integrated Industry, Fortune reported.
Elemtu is developing a milk processing plant in the outskirts of the capital, Addis Ababa at a cost of 60 million Ethiopian birr.
Brookside Dairy and Elemtu has singed a Memorandum of Understanding on July 27, 2013, according to Belachew Hurisa, board chairman of Elemtu Milk Integrated Industry.
"They [Brookside] send their lawyers who deal with us at different times, and we have almost finalized the deal" Tesfaye Hailu, director general of Elemtu told Fortune.
Established with a paid up capital of 35 million birr and 76 million birr in authorized capita, Elemtu currently have 1,717 shareholders including Oromia International Bank, Cooperative Bank of Oromia and Oromia Insurance Company.
Source: Fortune
