Sher Ethiopia sales minority share to SGI Frontier
Afriflora Sher Ethiopia has sold a minority share of its operation in the country to SGI Frontier Capital – an American based private equity firm owned by Gabriel Schulze, the CEO of Schultze Global Investment, according to reliable sources who asked to stay anonymous.
For the American based investment firm;this latest investment complementstheirother investment in the country, including Flippers International School, Origin Water and Family Milk with a strategic ownership of 45 percent. The same sources told The Reporter that the firm is also looking at opportunities to invest in the local real-estate market.
The company is known to invest in emerging economies such as Ethiopia,Bangladesh, Singapore, Cambodia and Iraq.
Founded in 2006 in the Netherlands, Sher has had a rewarding yet controversial time in Ethiopia. Despite its longevity in the country, the company stands accused of causing toxic waste hazardous to local residents. However, the company is adamant of fulfilling its corporate responsibility mantra by building public schools and using the best technologies.
Located near Lake Ziway, a greenhouse that is 650 hectares has expanded its operations, adding its Koka farm and the one at Adami Tulu despite labour strife and civic unrest in the region.
As part of its Growth and Transformation Plan, Ethiopia continues to invite foreign investors, with a slew of netprofits to lure them to its shore by way of tax incentives, cheap power and low labor costs. Many foreign owned flower growers have flooded to the country.Today, the country has overtaken Kenya as having the most fresh cut flower growers in the region.
The majority of Ethiopian roses are destined to Holland.
The Reporter reached out to SGI Frontier Capital’s Senior Associate, Enrico Leonelli, but he refused to confirm or deny the report. The representatives of Sher Ethiopia also refused to comment despite many attempts made.