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EIH is scouting for investors with better know-how and understanding in managing certain businesses, including underperforming state-owned enterprises (SOEs) under its wing. The fund is seeking to attract investment in existing businesses as well as new investment
The Ethiopian Investment Holdings (EIH) is close to finding suitors to sell stakes in the Addis Ababa Hilton, Ghion, and Filwuha hotels. Reports indicate that foreign investors are keen to take the stakes of the government-run hotels not in the pink of health. Sovereign investment funds are also reported to be behind the deal prompting foreign investors to buy the shares. Together, they are looking at a few potential sectors including agriculture, hospitality, manufacturing, and infrastructure, according to Abdulrahman Eid, CEO of EIH.
EIH is scouting for investors with better know-how and understanding in managing certain businesses, including underperforming state-owned enterprises (SOEs) under its wing. The fund is seeking to attract investment in existing businesses as well as new investment.
Hilton Addis, Ghion Hotel, the Spa Service Enterprise (Filwuha), and Genet Hotel are four state-owned hospitality establishments in the heart of Addis Ababa. EIH management is holding negotiations for investment in all but Genet Hotel. But the management is tight-lipped about the potential investors. n are in progress but declined to name the potential investors. EIH is also considering investment partnerships on agricultural projects on 20,000 hectares in the Tana Beles area of the Amhara region, but security issues are a serious concern.
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The EIH has signed preliminary agreements with firms based in the United Arab Emirates (UAE) for the construction of oil depots in Dire Dawa and Dukem, as well as other projects. Negotiations, however, are still ongoing. EIH and five SOEs under its wing have also acquired a 25 percent stake in the upcoming Ethiopian Securities Exchange (ESX).
