Ethio Sugar Manufacturing Industry, a share company involved in agri-business, acquires an Agro-processing plant in Hamer, Omo Zone, for 214 million Br.
Ethio Sugar acquired the plant, sprawled on 10,000 hectares of land, from the Development Bank of Ethiopia after the latter foreclosed the Agro-processing company last year.
Ethio Sugar plans to plant sugarcane on the farmland of the newly acquired company and hopes to create 5000 job opportunities once it becomes fully operational.
It has also started constructing a Sugar Factory in the newly acquired plant with an investment capital of three billion Br. The company offered 20 percent of its stake to the government if it is willing to create partnership to develop the plant.