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Key Promoter Access Capital Services SC |
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Access Capital is an innovative company which supports economic growth in Ethiopia by i) helping dynamic Ethiopian businesses raise funds and ii) widening the opportunities for investors. It seeks to encourage the growth of sustainable and productive businesses and economic infrastructure while achieving above-average returns for its shareholders.
The business objectives of the Company (extracted from the Memorandum of Association) are:
- To invest in different sectors of the economy.
- To render advisory services to investors regarding investment.
- To buy shares from different companies and sell same.
- To do other business related to the above.
Access Capital Services S.C. was formed after a successful capital-raising share offer. It is a Share Company in terms of the Ethiopian Commercial Code (1960). The Company was registered on 26 May 2007 and started operations in June 2007. The offices are on the 6th-7th floors of the Zemen Bank building in Josef Broz Tito Street (in Kazanchis area of the Addis Abeba CBD), where it shares headquarters with Zemen Bank S.C.
Since December 2007 it has acquired control over four companies that are manufacturing for the local market: They are:
- Real Springs – bottled water
- PP Bags – polypropylene bags, mainly for industrial customers
- Piko Juice – Snap! Juice products
- MA Thermoplastic – a wide range of plastics products.
CEO, Founder and Director: Ermyas Tekil Amelga
Ato Ermyas returned to Ethiopia in 1996, after 8 years of undergraduate and graduate academic training and 12 years of successful investment banking experience in the United States. He worked for top international firms such as Kidder Peabody & Co, Inc. (1987-1991 as Vice President Corporate Finance covering Investment Banking in New York and then Los Angeles), and Manufacturer’s Hanover Trust (1984-1987: Vice President Corporate Finance). He also served on the Board of Pacific Thrift & Loan, a mid-size bank in Western USA, and was Managing Director of Amray Capital Advisers in Orange County, California (1992-1996).
After returning to Ethiopia in 1996, Ato Ermyas purchased a large edible oil company from the Ethiopian Privatization Agency and partnered in establishing Lovely Biscuits (a dry biscuit manufacturing company). In addition, he co-founded East African Investment Securities (a non-bank financial services and consulting company). He was the founder and lead member of the initiative to establish the Addis Ababa stock exchange. He is best known for the pioneer bottled water company, Highland Springs Mineral Water, which is the leading bottled water company in Ethiopia. Ato Ermyas has moved out of operational management but remains Executive Director, without operating responsibilities, of Ethiopian Ventures Ltd., which operates Highland Springs Mineral Water, Royal Crown Cola soft drinks and a plastic products manufacturing operation. Since 2006, he has focused on the financial services sector and has established Access Capital Services S.C., Zemen Bank S.C., Access Real Estate S.C. and Access Leasing S.C. (under formation). The combined number of personnel employed by Ato Ermyas’ companies is over 1,600 full-time employees.
His academic qualifications include: MBA in Finance from Boston University, Graduate School of Management (1984), MA in International Economics from Boston University, Graduate School of Economics (1982), and BA in Economics and Political Science from Amherst College (1980).
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