Horizon Plantations, subsidiary of MIDROC owned by the Ethio-Saudi billionaire Mohammed Al-Amoudi, has acquired full ownership of Bebeka Coffee Plantation S.C and Horizon Addis Tyre after it bought the Ethiopian government’s shares in both enterprises for 667.2 million Ethiopian birr.

The Ethiopian government’s share in Bebeka was 36 percent, which is sold for 207.8 million birr and  the governments share in Horizon Addis was 31 percent.

Horizon has paid 35 percent of the total payment to the Privatization & Public Enterprises Supervising Agency two weeks ago, allowing it to effectively own the two companies entirely. The remaining amount has a five year grace period.

Bebeka is a 10,000 hectare plantation located 568km south-east of Addis Abeba, in the Bench Maji Zone of the Southern Region. The plantation was previously run by the Coffee Plantation Development Enterprise (CPDE). It was re-established as a joint venture between the government and Horizon in August 2011.

Source: Fortune