Sheba Investment PLC., a Yemeni company, has made a request to acquire an additional 48 percent share of  the Ethiopia's National Tobacco Enterprise S.C., according to Fortune.

Sheba already has a 22 percent share in the Enterprise. The company was able to acquire this share in 1999.

Sheba made the offer when Privatization and Public Enterprises Supervising Agency (PPESA) showed interest in selling 27 percent share of Tobacco Enterprise S.C.

According to Wondafrash Assefa, head of Public Relations at PPESA, Sheba’s offer has been sent to the Agency’s Board.

PPESA has so far had a bad year when it comes to privatizing enterprises being administered under it. It planned to privatize 20 enterprises this year. Nonetheless, it has managed to sell only three enterprises so far, namely Ethiopian Pharmaceutical Manufacturing S.C., Hamaressa Edible Oil S.C. and Bekelcha Transport S.C. Yet the buyers to these companies have not met their deadlines for payment.

Source: Fortune