Atlas Industries Receives Go Ahead to Exit Ethiopian Glass-Making Business

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Publicly-traded Atlas Industries has received approval from its shareholders to sell off its shares in TEAP Glass PLC, an Ethiopian glass-making firm.

Following a resolution on Wednesday, Atlas confirmed that two investors Innovative Africa Investments and Eagle Investments had agreed to relinquish 276.72 million shares they both hold in Atlas in exchange for full ownership of the Ethiopia firm, a report by Business Daily Africa confirmed.

However, this shares exchange leaves Atlas with no assets to its name, particularly after it had Sh247 million ($2.4 million) seized from its coffers in 2016 by the Ethiopian Revenue Authority over unpaid tax arrears.

Atlas had ventured into Ethiopia in 2015 with the hope of setting up a viable glass-making business close to Addis Ababa, the country’s capital city.

 

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