Wednesday, June 19, 2024

EAG to acquire Tiger’s shareholding in EATBI

East Africa Group (EAG) this week announced its intention to acquire Tiger Brands’ 51 percent stake in East African Tiger Bands Industries PLC (EATBI), bringing its shareholding in the business to 100 percent.

Following a detailed strategic review of the business, which included an assessment of the core categories in which EATBI operates and how these align with the long-term strategic priorities of each of Tiger Brands and EAG, the parties decided that EATBI would be better positioned under the full ownership of EAG. The process culminated in EAG making an offer for Tiger Brands’ 51 percent shareholding at a price that is considered fair and reasonable.

The disposal by Tiger is in line with the company’s refined international strategy, which will target product areas where Tiger Brands has a proven track record, strong brands and leading capabilities. EATBI will continue to develop its portfolio of brands and products under EAG’s ownership, and intends to dominate the FMCG space in Ethiopia.

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(Press Release)

Ethiopia, Uganda agree to bolster bilateral ties

Ethiopia and Uganda have reportedly agreed to further enhance their all-round relation.

Prime Minister Hailemariam Desalegn held discussions today with Uganda’s Minister of State for International Affairs and Special Envoy of the President, Okello Henry Oryem, about common concerns and African issues.

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The two influential countries that have strong position in Africa have reached agreement on ways of strengthening the African Union in addition to their bilateral ties.

According to Ambassador Suleiman Dedefo, Director-General of Neighboring Countries and IGAD Affairs at the Ministry of Foreign Affairs, the two sides shared views on ways of transforming the African Union and implementation of Agenda 2063.

The premier has expressed his hopes and wishes to work together with Uganda for the strengthening of the African Union.

Okello Henry Oryem on his part said Ethiopia has always been a good friend of Uganda and shares good relationship.

He further asked the support of the candidature of Dr. Specioza Naigaga Wandira for the position of Chairperson of African Union Commission.


Ethio-Djibouti railway to begin operations in September

The 756km Addis Ababa–Djibouti electric railway will commence operations in September.

“We have completed 95 percent of the project. We are waiting for allocation of electricity for the line and will start full operation in September,” Getachew Betru (Eng.) CEO of the Ethiopian Railway Corporation, said.

The line is expected to boost trade by reducing the goods movement duration from two days to eight hours.

Currently, hundreds of trucks transport goods between the Red Sea port of Djibouti and Addis, taking a total of four days for a round trip.

The three billion dollars railway is financed by the EXIM Bank of China.

The line covers 656km from Addis Ababa to the Dewale border town, with the other 100km stretching to Djibouti’s Doraleh port.

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Getachew also said that other electric railway line linking the north and the northeast Ethiopia with Djibouti’s Tajura port, was 30 percent complete.

The Corporation also plans to increase the 32km Addis Ababa city light railway to 100km in the next five years.

(The East African)

UN calls for Eritrea leaders to be tried for crimes against humanity

United Nations rights investigators accused Eritrean leaders of crimes against humanity including torture, rape and murder on Wednesday and called on the UN Security Council to impose sanctions and refer the case to the International Criminal Court.

“Crimes of enslavement, imprisonment, enforced disappearances, torture, persecution, rape, murder and other inhumane acts have been committed as part of a campaign to instil fear in, deter opposition from and ultimately to control the Eritrean civilian population since Eritrean authorities took control of Eritrean territory in 1991,” says a new report by the UN Commission of Inquiry on Human Rights in Eritrea, released Wednesday.

“Eritrea is an authoritarian State. There is no independent judiciary, no national assembly and there are no other democratic institutions in Eritrea. This has created a governance and rule of law vacuum, resulting in a climate of impunity for crimes against humanity to be perpetrated over a quarter of a century. These crimes are still occurring today,” Mike Smith, chair of the Commission of Inquiry, said.

(News Agencies)

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