Atlas to acquire Ethiopian firm

Atlas Development has announced that it is creating an industrial division. The division is aimed at broadening its business offering with an initial focus on consumer based industrial projects. In line with establishment of the industrial division, Atlas has signed an agreement to acquire East Africa Packaging Holdings Limited (EAPH), a company established to build a new glass bottle manufacturing facility in Addis Ababa, Ethiopia. Under the terms of the deal, the firm has agreed to take on third party funding liability of about $150,000 in respect of EAPH's working capital investments incurred to date.