Diageo plc, concluded the first 30pct down payment for the acquisition of Meta Abo Brewery. The International producer of beverages wired the first installment of payment for its purchase to the Ethiopian Privatization and Public Enterprises Supervising Agency (PPESA) account on Thursday. 

Diageo will pay the balance, (157.5 million dollars), within three weeks after final talks with PPESA on Tuesday according to sources.

Diageo is expected to invest 10 million dollars in the expansion of the brewery after it takes possession. The first phase of the expansion project will tackle the quality of local brands according.

Diageo Plc, a London based global alcoholic beverages company, bought Meta Abo, a state-owned brewery for 225 million dollars.

Late in August the Ethiopian government had floated an auction for Meta Abo Brewery weeks after Bedele and Harar breweries were sold to Heineken. British, Dutch and South African breweries had also placed bids for the Meta Abo Brewery.

The board of PPESA, chaired by Aster Mamo, government whip accepted the offer made by Diaego as the highest bid at the public auction a couple of weeks ago.

Diageo is the world's largest producer of spirits and a major producer of beer and wine. Its brands include Smirnoff (vodka), Johnnie Walker (scotch whisky), José Cuervo (tequila), Baileys (liqueur) and Guinness (stout).

Source: Capital