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Access Capital SC, the new entrant into Ethiopia’s
growing financial sector, became major shareholder
of MA Thermoplastics & Melamine Ind Plc buying
shares worth 15 million Br in the plastic
manufacturing company. Access has agreed with a
Lebanese company, PRISMA Investments, to give the
latter management roles.
PRISMA will be bringing in its own technology and
experts for the task.
Ziad Chawan, general manager of PRISMA, will be
heading the local company that is jointly run by
Ermyas Amelga, chief executive officer (CEO) of
Access Capital, Moges Alemu, founder of MA in 1971
who still has a stake in the company, and the
Lebanese Company.
“Our company joined the sector looking at the market
potential the industry has,” Ermyas told Fortune.
Including MA, there are 10 big plastic factories in
Ethiopia. Over 50 small factories also produce
plastic products.
Though the chemical department under the Ministry of
Trade and Industry (MoTI)was supposed to follow the
sector, close observers claim that not a single
assistance and study has been provided to the
sector.
An official at the department told Fortune
that experts are yet to be hired to assess the
sector.
The factory, located in Akaki-Kaliti District,
produces nearly 200 products across six major
categories including six thermoplastics,
thermosetting materials, bottles, containers and
pipes.
“We have been working closely with Moges for the
past 10 years,” said Ermyas. “Our plan to jointly
enter this sector has now become a reality.”
Ermyas, also major shareholder of Highland Water
Springs, used to purchase plastic bottles from MA.
MA has envisaged expanding in five plastic
varieties; PVC, jerry can, plastic bottle, household
equipments and watering plastics for the flower
industry.
Established in 2007, with its major shareholders,
Ermyas, Haileleul Tamru, Berhane Gebray (PhD), Yosef
Asrat and Eskindir Yosef, with a capital of 100
million Br, Access Capital has four objectives; to
sell shares representing share companies and
investors, to render consultancy services, to buy
shares from different companies and to invest in
other companies.
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