News and Announcements
Tana Pulp and Paper SC brings in 2 major shareholders for its recent projects
- Published February 16, 2023 7:14AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Tana Pulp and Paper SC (TPPSC) is a special-purpose vehicle established by Tiret Corporate to develop Ethiopia’s first pulp and paper mill.
Tiret as lead shareholder has brought in 2 other major shareholders, Tsedey Bank and the Amhara Regional State Forestry Enterprise.
Tiret is a major Ethiopian industrial and agro-processing conglomerate founded 28 years ago for the purpose of developing industrial and agricultural enterprises in the Amhara region of Ethiopia. It has a strong track record of developing successful enterprises which include Dashen Breweries, the largest brewing company in Ethiopia in a joint venture with British investors utilising state-of-the-art German technology.
Tiret’s fully owned entities include Ambasel Trading House which accounts for a substantial part of Ethiopia’s foreign trade, and Abay Transport and Bekelcha Transport which together operate over 500 heavy transport vehicles. It owns entities in the financial services sector including Abay Bank and African Insurance Company. In the agro-processing sector it has enterprises in cotton ginning, textile manufacture, dairy processing and others.
The CEO of Tiret, presently Dr Amlaku Asres, is chairman of the board of TPPSC and is actively involved in the development of the company. The CEO’s of the two other major shareholders, Tsedey Bank and Amhara Regional State Forestry Enterprise are board members. Broader community representation on the board is through the heads of the two major universities in the region, Bahir Dar University and Gondar University. The remaining board members between them have extensive agricultural, construction and business experience.
The project has strong government support from both federal and regional governments. The national development plan includes the development of a pulp and paper mill. The country has an impressive track record of achieving its development goals. Tangible early support for the project is demonstrated by the current upgrading of the national road infrastructure to the site.
The project has strong community support borne out of an appreciation of the multiple benefits that will accrue not only to timber growers but also to the community in general through secondary industry and the general economic upliftment.