Addis Ababa, Ethiopia -Â The newly-formed Raya Beer Share Company has pocketed a 279 million birr loan from Commercial Bank of Ethiopia (CBE).
Sources said the Commercial Bank approved loan is, of course, less than the 350 million birr Raya was looking for. Prior to the recent approved loan, Raya was able to amass some 630 million birr loan from some financial institution. Lemma Bekele, general manager of Raya Beer, said that CBE would officially announce the approval of the loan this week.
The construction of the factory has been progressing well according to the recent information officials of Raya Beer have provided. By September, Raya Beer is expected to hit the market with an annual production of 600,000 hectoliters. Currently, Raya has raised its paid-up capital to 600 million birr against 500 last year and currently has accounted for a total investment capital of 1.5 billion birr.
Dawit Gebregziabher, a successful businessman who is well established in the Middle East and is currently here, owns 25 percent of shares by investing 157.5 million birr. BGI, a French-owned beer factory, is the other giant contender owning 42 percent of shares in Raya Beer.
Source: The Reporter