ADDIS ABABA- After acquiring the recently privatized Wonji and Metehara Sugar factories, Ethio-Sugar Manufacturing Industry Share Company announced that it has started selling shares.
Company General Manager Bitew Alemu told the journalist yesterday, that Ethio-Sugar was established and officially started raising capital on December 2018 to fully produce enough sugar products for the country at Metehara and Wonji plants.
Sofar the company has collected about 800 million Birr and needs 3 billion Birr for initial performance of the industry , he said adding the company has reached an agreement to work together in technology related issues with HVA Holland and local banks namely Awash, Nib and Oromia S.C.
On the other hand, Ethio-Sugar Manufacturing Industry Share Company President Engineer Lemma Gurmu said the country’s annual sugar consumption is projected to grow from nine million tonnes in 2019 to 17 million tonnes in 2025.
The annual average sugar consumption per person in Ethiopia is 8 kilograms which is expected to grow to 21 kilograms in 2035.
When the share company starts to produce sugar with full capacity, it would address the shortage of sugar and reduce the import, he said.
The Ethiopian Herald May 18/ 2019
BY MISGANAW ASNAKE
