Mauritian Company Acquires Ethiopian Government Share in Ambo Mineral Water
December 17, 2016 - Mauritius-based company, Ambo International Holding Ltd., has acquired 33 percent of government’s share in Ambo Mineral Water SC, bottler of the popular Ambo mineral water, at a price of USD 19.7 million.
The acquisition agreement was signed on Thursday at the offices of the Ministry of Public Enterprise in the presence of top officials of the ministry and the company. The newly appointed Minister of Public Enterprises, Girma Amente (PhD) and Ambo International Holding Limited representative, Patric Planket signed the deal representing their respective sides.
After the signing ceremony, the minister noted that since the oldest mineral water bottler was partially privatized it has improved its production quality and variety. He also hoped that it would even be jumped to better level once it is fully privatized.
“Therefore, the acquisition will help Ambo to maintain its well established reputation in the market,” Girma added.
Representative of the buyer company, on his part, underscored that his company will abide with the agreement in order to realize the company’s aspiration to move to better level of production and quality. (Reporter)