Messebo Ties-up with Kusto, Fairfax to Manufacture Roofing Materials

Messebo Cement Factory Plc, one of EFFORT (Endowment Fund for the Rehabilitation of Tigray) group companies, partnered with a Singaporean firm, Kusto Group Pte and Fairfax Africa Fund to establish MKF Building Materials Production Plc with a 70 million dollar investment.

The joint venture agreement was signed today by Azeb Mesfin, CEO of EFFORT, Zemedneh Nigatu, chairman of Fairfax and Hayder Gulam, general legal counsel of Kusto, during the ceremony held at Mega Building on Africa Avenue, where both Fairfax’s and EFFORT’s offices are located.

The trio partnered to manufacture roofing materials for residential buildings, commercial real estates and industrial buildings with an annual production capacity of 3.6 million square metres of roofing.

The new partnership, realised after two years of negotiations, will have Messebo as the major shareholder with a 60pc stake, while Fairfax and Kusto share the remaining.

The owners, yet to decide where to build the factory, are planning to start production within a year of the project’s commencement.

“We have already selected sites near Meqelle and Abi Adi in Tigray but haven’t decided the exact spot to set-up the plant,” said Azeb, spouse of the late Prime Minister Meles Zenawi, during the agreement signing ceremony.

The three companies are also planning to extend their partnership to manufacture gypsum boards and paint.

Published on Jan 04,2018 [ Vol 18 ,No 923]



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