National Alcohol and Liquor Factory and Former pm Hailemariam Desalegn

Loading...

Thanks! Share it with your friends!

You disliked this video. Thanks for the feedback!

Added by admin
0 Views

Lominat Beverages PLC has finally won the bid to acquire the state-owned National Alcohol and Liquor Factory (NALF), The Reporter has learnt. The Ministry of Public Enterprises, which floated the bid, has sent a letter of award notification to the company. In this regard, the company asked to pay 35 percent of the advance payment from the total amount of offer it gave earlier. It is to be recalled that, Lominat gave 3.62 billion birr offer to fully acquire National Alcohol and Liquor Factory. As per the award notification letter, Lominat has to pay the first round of payments amounting to 1.267 billion birr. In addition, the remaining 65 percent of the payment will be finalized in five years to finalize the acquisition. “We have already sent the letter of award,” Wondafrashe Assefa, communication director at the Ministry confirmed to The Reporter. It is to be recalled that, during the time of the bid opening, the second and third offers came from Pure Alcohol and Beverages Manufacturing, and Matadim Manufacturing PLC listing 1.6 and 1.5 billion birr, respectively. The offer listed by Lominat is much better when compared to the initial bidding price of NALF estimated to be at 1.2 billion birr. On the other hand, the other two: Pure and Matadim gave an offer which is not far from the initial price of the factory. Following a call from the Ministry of Public Enterprises to fully transfer NALF to a private ownership back in April 2018, around 97 interested bidders bought the tender documents showing solid interest in the state-owned liquor manufacturer. However, when the bid was opened in June 19, 2018; only the aforementioned three companies submitted their proposals. Lominat, a local company which has been in the business of alcohol and beverages since 2014 has finally won the bid. It is co-owned by Brook Worku, a former country director of Diageo and Binyam Berhane, an Ethiopian businessman involved in an array of business areas. The later is also involved in import and distribution of different alcohols and beverages including brand products. The company is also currently building an alcohol and beverages factory in Modjo, 30 km south of Addis Ababa. Once Lominats acquisition is settled, the factory which is now under construction will be merged with National Alcohol and will be part of a plan to expand the production capacity of NALF. Despite its production constraints, currently, NALF covers more than 40 percent of the alcohol and liquor market in Ethiopia. The company which is one of the most profitable state-owned enterprises has managed to expand its profits over the years. With close to 700 employees, National Alcohol has managed to register a profit of 607 million birr, back in 2016. It is to be recalled that, a new regulation was introduced to increase the paid-up capital of NALF. In this respect, it was expanded from 12.2 million birr to 221 million birr. The factory, over the past few years, has consumed close to one billion birr in expansion and renovation of its plants. The factory has four plants located in Mekanisa, Sebeta, Akaki and Maichew. First established in early 20th century by a Greek businessman, Elias Papassinos; NALF was nationalized in 1970 by the Marxist regime, Derg.

Egyptian president, Abdel Fattah el Sisi concluded a joint press conference with his Ethiopian counterpart by seeking the strongest reassurance concerning the latter’s dam project on the Nile. Talks over the Grand Renaissance Dam, Ethiopia’s $4 billion hydroelectric project, have been deadlocked for months. Ethiopia’s prime minister, Abiy Ahmed was in Egypt for a two day state visit to conclude the resolution of the dispute over the Nile project, following the establishment of a joint scientific committee to handle the matter last month. displayAdvert("mpu_3") We will take care of the Nile and we will preserve your share and we will work to increase this quota and President Sisi and I will work on this. At the end of talks, the two leaders held a news conference, where Sisi asked Ahmed to swear to God before the Egyptian people that he will not hurt Egypt’s share of the Nile. “I swear to God, we will never harm you,” Ahmed repeated the words in Arabic after Sisi, who thanked him for releasing jailed Ethiopians. The two leaders signalled their commitment to mutually benefiting from the Nile’s waters and cooperate in other projects. “We have come a long
Category
Misc

Post your comment