Saturday, July 13, 2024
NewsBGI sells HQ to fund Meta expansion, new plant

BGI sells HQ to fund Meta expansion, new plant

BGI Ethiopia, one of Ethiopia’s major breweries, has agreed to sell its headquarters building in Addis Ababa to fund the relocation of its plant to Meta Abo, Sebeta town, and drive its growth ambitions, the company said.

The sale transaction, confirmed through an earnest agreement but terms undisclosed, marks “a pivotal step in BGI’s strategy” to double its business in the next five years.

The CEO of BGI Ethiopia, Herve Milhade, said the decision was made to position the company for accelerated growth by overcoming current capacity constraints. He said the proceeds from the sale will be used to expand the Meta plant and acquire a new greenfield site.

The leadership at BGI Ethiopia is optimistic that this plant relocation and sale of its headquarters building will help the company surpass industry benchmarks and “provide unmatched products to its customers.”

Purpose Black, a share company joining the real estate sector, recently claimed that it is buying the headquarters of BGI, which is located at Mexico Square. However, the press release from BGI Ethiopia does not mention Purpose Black real estate or specify who the buyer is.

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BGI Ethiopia, producer of iconic brands like St. George and Castel, is the largest brewery in Ethiopia with an annual capacity of over 4 million hectoliters.

Last year, it acquired the Meta Brewery from Diageo after the latter exited the market due to mounting losses.

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