8 Feb 2011
ERJ staff report (DS)
Addis Ababa, Ethiopia -- Local press reports suggest that Matador AS has sold its 69-percent stake in Addis Tyre to a local businessman.
Addis Fortune newspaper said, "Horizon Plantations Ethiopia Plc, a company owned by Mohammed Ali Al Amoudi, has acquired 69pc of Matador AS's shares in Addis Tyre SC, Ethiopia's sole tyre manufacturer."
The report added, "The company has a 20hectare rubber plantation in Bebeka, Southern Regional State, from where it obtains one percent of the raw materials it uses. At the time that Matador took the company over, close to 99pc of the raw materials were imported from South East Asia. The factory has 17pc of the market share of the nearly 900,000 tyres sold in the country annually."
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Al-Amoudi's Horizon Acquires Matador-ATC's 69pc for $18m News report from Addis Fortune (Ethiopia)
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Already a subscriber? Log in here
