Saturday, April 20, 2024
NewsBGI to seek another buyer for Mexico property

BGI to seek another buyer for Mexico property

The executives of BGI Ethiopia are preparing to float a bid for the sale of the brewer’s flagship property in Addis Ababa after a deal with Purpose Black fell through.

The two firms had agreed to a five billion birr sale of the plot near Mexico Square last July. BGI announced it had terminated the deal last week, blaming Purpose Black for failing to make payments on time.

Legal representatives of Purpose Black have since alleged the deal fell through because the brewer failed to finalize the necessary paperwork, and claimed the company had already made over 1 billion birr in payments for the property.

Threats of legal action on the part of Purpose Black’s attorneys do not seem to have fazed BGI executives at all.

“The sale will continue, but BGI will float a bid to find another buyer,” said Nega Miherete, legal and corporate affairs director at BGI Ethiopia.

[speaker]
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