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Ethiopia mulls bid for tobacco monopoly

| May 8, 2014

Ethiopia’s Public Enterprises Board is due to decide by tomorrow whether to accept Sheba Investment’s request to buy an additional 48 percent share in the state-owned National Tobacco Enterprise (NTE), according to an Addis Fortune story.

The Yemeni-based Sheba already owns a 22 percent share in NTE, which it acquired in 1999.

Sheba’s request followed a declaration by the Privatisation & Public Enterprises Supervising Agency (PPESA) that it was interested in selling a further stake in National. That stake was reported to be 27 percent, a figure that has not been confirmed by PPESA on the grounds that it is confidential.

Sheba’s proposal has been referred to PPESA’s board, according to the agency’s head of public relations, Wondafrash Assefa.

However, PPESA is expected to turn down the proposal because the agency apparently feels that Sheba is not actively taking part in the business of the NTE.

A month ago, a story in The Reporter had it that NTE was expected to be sold, either to Sheba, or, failing that, through some other form of sale.

Category: Breaking News

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