Latest Business Alerts

Diageo Buys Ethiopian Brewery for $225 Mln

Diageo Plc, a London based global alcoholic beverages company, bought Meta Abo, a state-owned brewery for 225 million dollars.

Late in August the Ethiopian government had floated an auction for Meta Abo Brewery weeks after Bedele and Harar breweries were sold to Heineken. British, Dutch and South African breweries were putting bids for Meta Abo, an Ethiopian brewery which brews the Meta Abo beer.

According to sources, Heineken, the Dutch brewery, offered 188 million dollars, while SAB Miller and South West Development (SWD) together bid 190 million dollars followed by Dashen Brewery which offered 173 million dollars.

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Nigerian Airline Asks Permission to Fly to Ethiopia

Arik Air, a Nigerian private airline, asked the Ethiopian Civil Aviation Authority (ECAA) for permission to start flight services to Addis Ababa.

Over eight months have elapsed since Arik Air asked permission for traffic rights, Dr. Harol de Muren, director general of Nigerian Civil Aviation, said last week in Dare es Salaam at the 17th Aviation and Allied Leadership Conference.

A representative of Arik Air said that Arik Air’s delegation was in Addis Ababa last week to discuss the issue with officials of ECAA.

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Ethiopian Airlines to Buy Four B777 Freighters

The Ethiopian Airlines announced last week that it was concluding a deal with Boeing for the purchase of four Boeing 777 freighter aircraft.

A senior official of the airlines said that the management of Ethiopian and executives of Boeing had been negotiating for about a year for the purchase of the new aircraft. The deal will be announced soon according to the official.

The new deal was confirmed by a representative of Boeing who said that Boeing and Ethiopian would sign the agreement in the coming few weeks.

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Tigray Resources Charges Forward on TSX Venture Exchange

Ethiopia-focused Tigray Resources is making a healthy splash on the TSX Venture Exchange.

On its first day of trading on the TSX Venture Exchange on Wednesday, Tigray Resources charged forward closing up 64 percent at C$1.00 on brisk trading volume. Then it continued the streak, jumping up a further 41 percent to C$1.41 within the first few minutes of trading yesterday.

The investor demand signals strong interest in getting on board one of the TSX Venture Exchange's latest junior explorers.

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Lifan Produces More Model 620s for Ethiopian Market

Lifan Motors announced that it was producing more 620 models to meet the rising demand for the automobiles in the local market.

It used to take the company more than a month to assemble the 620 models after payment, depending on how long it took to ship in parts from China and process customs documents for components clearance.

Lifan assembles other models of cars but they are not available on immediate delivery basis. It takes the company two months to give out the 520 and four months for the 320 to customers.

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