Diageo PLC, the world’s leading seller of premium liquors, has sold Meta Abo Brewery to undisclosed buyer.
The acquisition of Meta Abo brewery will be finalized in a month, according to sources. But the buyer and its value of acquisition is not disclosed so far.
A decision to sell the brewery in a foreclosure was made after Diageo’s failure to reach an agreement with the Ethiopian government in paying 3.7 billion Birr tax, which is debited by Meta Abo Brewery.
The factory, which ceases operation due to the problems it faced, has been paying a salary of over €1 million in a month for staffs.
Meta Brewery was sold to Diageo, a New York Stock Exchange listed company in 2011 at a cost of $225 million, a record sum at the time. It has since invested $119 million to its operation as the local beer market intensified with the emergence of international brands entering the local beer industry.
Meta Abo brewery was established by the government of Ethiopia and Ethiopian private nationals as a share company in 1963.