Al-AmoudiÃ¢â‚¬â„¢s Horizon eyes global banana market following acquisition of enterprises
Addis Ababa, Ethiopia -Ã‚Â Horizon Plantations, an emerging agro-specialized business owned by AfricaÃ¢â‚¬â„¢s second richest black person, plans to compete with worldÃ¢â‚¬â„¢s leading banana producers following acquisition of several state enterprises.
Proprietor of Horizon Plantations and MIDROC Ethiopia, Sheikh Mohammed Hussein al-Amoudi on Thursday, April 4, 2013 signed over 1.1 billion Birr deal with the Privatization and Public Enterprises Supervisory Agency (PPESA) for the total purchase of five state owned firms that include Upper Awash Agro-Industry, Gojeb Agriculture Development and the Coffee Processing and Warehouse Enterprise.
Horizon will undertake expansion works at the three enterprises, according to a statement by the company.
Bought at 35.1 million Birr Gojeb Agriculture Development will see expansion works worth much more than its purchase price with a special focus on introducing a 500 hectares banana plantation.
Ã¢â‚¬Å“With the new banana plantation development to be introduced at Gojeb, the plan is to compete with leading global banana producers such as India, Philippines and Ecuador,Ã¢â‚¬Â reads the statement distributed at the purchase agreement signing ceremony at the Sheraton Addis.
Soil analysis and other feasibility studies for Gojeb were undertaken by European and Israeli companies and contract for turnkey projects will be signed this month, Al-Amoudi said after signing bulky documents with PPESAÃ¢â‚¬â„¢s Director General, Beyene Gebremeskel.
The 15 million dollars expansion project at Gojeb, which includes the introduction of modern agricultural technologies, will make the enterprise diversify from its traditional specialization on maize production to include fruits mainly for export market. Read more