Saturday, April 20, 2024
NewsPurpose Black drops ball on scrapped BGI HQ deal

Purpose Black drops ball on scrapped BGI HQ deal

BGI Ethiopia has voided an agreement for the sale of its sizable headquarters near Mexico Square as Purpose Black Ethiopia fails to conclude the sale transaction on a deal reached between the two companies last year.

BGI Ethiopia blames “the lack of genuine commitment from Purpose Black” for the deal’s termination, which it announced in a statement today.

BGI Ethiopia is looking to sell the 30,000 square meter property in the heart of Addis Ababa and move base to Meta Abo, in the capital’s outskirts.

BGI Ethiopia recently acquired Meta Abo Brewery from global beverage giant Diageo for an eye raising sum of 64 birr, although the latter had acquired the business from the government for more than USD 200 million in the early 2010s.

[speaker]
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