Atlas to get rid of stake in Addis firm

Publicly listed Atlas Industries #ticker:ADSS has finally received a nod from shareholders to dispose of its stake in a glass-making firm in Ethiopia.

In a special resolution passed on Wednesday, Atlas said Innovative Africa Investments and Eagle Investments had agreed to cede 276.72 million shares they hold in Atlas in exchange for full ownership of the Ethiopia firm, TEAP Glass PLC.

This leaves Atlas with no assets, especially after it failed to recover Sh247 million ($2.4 million) seized from its accounts in May 2016 by the Ethiopian Revenue Authority for alleged tax arrears.

Atlas entered Ethiopia in December 2015 where it planned to put up a glass-making facility in Chancho, near Addis Ababa.

“Despite this, there is no visibility on when these monies might be returned and safety assured for staff in the country,” said Atlas CEO Carl Esprey in a statement.

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