BGI Ethiopia announced that the sale of its headquarters and manufacturing facility in Mexico Square, Addis Ababa, to Purpose Black Ethiopia had been halted. The decision comes after prolonged negotiations and Purpose Black's failure to sign the final sales agreement.

BGI Ethiopia emphasized the importance of a finalized agreement for obtaining tax clearance from the government. The company also expressed concerns about Purpose Black's financial capability to complete the purchase, despite an initial Birr 1 billion down payment.

BGI cited logistical and water supply challenges as reasons for initially seeking to sell the Mexico facility. Purpose Black, a relatively new company, had ambitious plans to transform the site into a major development project, including a 115-story skyscraper named Ke'Geberew Tower.

Founded in 2021, Purpose Black aimed to support the pro-black community and revitalize the historic Mexico Square location. Their plans included not only the Ke'Geberew Tower but also a corn plant-inspired mixed-use building and five additional towers.

The company's funding model, which involved public shares with a "gift" clause offering apartments to shareholders, raised concerns and temporary account freezes from authorities. However, Purpose Black claims early success, selling a significant number of shares despite the scrutiny.

BGI Ethiopia has declared the current sale process terminated and will seek alternative buyers once the situation is resolved. The future of the Mexico facility and Purpose Black's ambitious development plans remain uncertain.

Source (including image): Sheger FM 102.1

Additional source: Addis Fortune