The newly established Ethio-Sugar Manufacturing Share Company has started negotiations to acquire both Wonji-Shoa and Metehara Sugar Plants, pioneering state-owned sugar crushers established by the Netherlands HVA Company some 70 years ago.

The newly established Ethio-Sugar Manufacturing Share Company has started negotiations to acquire both Wonji-Shoa and Metehara Sugar Plants, pioneering state-owned sugar crushers established by the Netherlands HVA Company some 70 years ago.

The newly established Ethio-Sugar Manufacturing Share Company has started negotiations to acquire both Wonji-Shoa and Metehara Sugar Plants, pioneering state-owned sugar crushers established by the Netherlands HVA Company some 70 years ago.

The acquisition process began in October last year. Ethio-Sugar is also implementing a bold strategy to attract close to 40,000 shareholders from within the communities where these factories are located. Hence, according to Erssido, 11,000 farmers, mostly involved in sugarcane out-grower schemes, 20,000 factory workers and 10,000 civil servants around the vicinities of the factories will have shares valued at 800,000,000 birr. 

These groups of shareholders will have the opportunity to pay the par values within five years. Ethio-Sugar has agreed with Awash Bank, Oromia Cooperative Bank and United Bank to arrange a personal loan payable within five years at a 10/90 percent ratio.Erssidoalso says the modality is specifically designed to include farmers and workers to share the benefits of the project, instead of being marginalized.

The next group of shareholders will constitute 20,000 individual and corporate investors.

Source: The Ethiopian Reporter

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