Ethiopia’s Habesha Cement's shareholders agreed changes

During the fourth general assembly, shareholders of Ethiopia-based Habesha Cement agreed to the demand of the Industrial Development Corporation, South African Cement Company and Pretoria Portland Cement Company to revise the company's Articles of Association to allow majority shareholders to determine who is going to be on the board of directors. The three South African companies have been on Habesha Cement's board of since 2013 while the United Bank of Ethiopia has one board seat. Another four seat

February 16, 2016 Read time: 1 min

During the fourth general assembly, shareholders of Ethiopia-based Habesha Cement agreed to the demand of the Industrial Development Corporation, South African Cement Company and 5120 Pretoria Portland Cement Company to revise the company's Articles of Association to allow majority shareholders to determine who is going to be on the board of directors.

The three South African companies have been on Habesha Cement's board of since 2013 while the United Bank of Ethiopia has one board seat.

Another four seats are reserved for individual national shareholders and the CEO has one seat by default.

Habesha Cement's Articles of Association have been revised two times in less than four months.

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