All shareholders of Raya Brewery positively welcomed the full acquisition from BGI Brewery Ethiopia with an amount they could only gain in 53 years as a return if they decide to hold their shares in the Company, Fortune reported today.
Shareholders of Raya Brewery gathered in Mekelle’s Axum Hotel and approved and lauded BGI’s bid in their fourth annual general meeting held yesterday.
According to Fortune, BGI offered 4.45 billion Br for the 25pc shares owned by Dawit Gebregziabher and 28pc stake invested by the remaining shareholders.
Although the par value of each share was 1,000 Br, the negotiation resulted in paying the shareholders out 7.5 folds of the initial par value, amounting to 7,425 Br a share. It would take at least half a century for the shareholders to earn such returns.