Biography Of Negusse Hailu (Age , Wife , Net Worth)

Biography Of Negusse Hailu (Age , Wife , Net Worth) – A renowned Ethiopian businessman, Negusse Hailu, was one of many Ethiopian partners who bought the state-owned East Africa Bottling Share Company (EABSC) from the previous Ethiopian Privatization Agency in 1995.

Other significant Ethiopian businesspeople engaged in the transaction were Abinet Gebremesqel, Munir Duri, Dereje Yesuworq, Shadia Nadim, and Hussein Abedella.

To buy the firm, the five partners joined forces with the South African Bottling Company (SABCO) and founded a private limited company, which was eventually turned into a joint venture in 1999 under the name EABSC.

The Ethiopian businessman clarified a report published on April 3, 2021, and concerns about his shares in EABSC in a recent interview with Billionaires.Africa, as he recounted his journey as a successful businessman who built a fortune in Ethiopia from the ground up through hard work and determination to create shared wealth in the country.

— Tell me about your childhood and some of your significant life experiences. What was your childhood like; where did you go to school, and what are your first memories of your first business ventures?

I was born in Ethiopia in 1969 to a father educated at the American University in Beirut, who after graduation in 1953 had the opportunity to become the foreign exchange director during Emperor Haile Selassie, replacing then a British citizen, and a mother who graduated from commerce school but chose to be a housewife to raise my sister, cousins, and me.

I attended Lycee Guebre-Mariam, a French international school in Addis Abeba, Ethiopia. Not only did the school offer me with a superb education, but it also allowed me to develop long-lasting connections with individuals from 48 different countries who now reside all over the world.

During the Derg government, my father, who instilled in me the principles of discipline, decency, and humility, was forced to depart Ethiopia (Socialist-era Ethiopia).

In his absence, my godfather Antonio Varenna (an Italian national and businessman) and uncle Abiselom Yehdego acted as father figures in my upbringing, raising me to be a responsible citizen. After being recruited by two of my uncles, Antonio Varenna was one of the first capitalists to come to the Derg period to invest in textiles.

Since I was 10, I’ve spent each summer break like follows: working for two months, enjoying a 15-day vacation wherever I choose with my family, and then preparing for the new school year. My first summer job was working in a family garage for two summers in a row. After that, I worked at my family’s printing press and bakery, and my final summer employment was at an Ethiopian government-owned shoe business with an export supervised by Antonio Varenna. I was able to receive all of the qualifications necessary for agricultural and textile from Europe under Antonio’s guidance shortly after graduating from Lycée.

Joining Antonio, the pioneer, in exporting Ethiopian clothing items allowed me the chance to be the first Ethiopian to sell fruits and vegetables to the Italian market, such as beans, strawberries, asparagus, and sweet melon, with the assistance of my Italian relatives Case Anselmo. As a result, the family company dominated my whole upbringing. Despite the fact that Antonio Varenna’s Case Anselmo family encouraged me to the end of his life, the property was my idea.

— You took over EABSC from the government during a privatization effort in 1995. What inspired your foray into the beverage market, and what chain of events led to your purchase of the company? Tell us about the company’s history and how it arrived at its current position.

In 1995, the government announced the privatization of Coca-Cola, Pepsi, and Ambo plants. Munir Duri had the foresight to take part in this business. He had obtained all of the required papers, while I had gathered the financial data. Bereket and Kassim both contributed money. Furthermore, Munir was helped by Bereket, who has corporate expertise, while Alula continued to concentrate on the day-to-day operations of our other enterprises. In this new enterprise, Inchcape was our single competition. We both failed on the first try because our proposals fell short of the expectations of the administration. On the second effort, we exceeded the government’s expectations and were granted the Addis bottling firm. We adopted the name East Africa Bottling Pvt Ltd since we wanted to grow into Eritrea, Somalia, and other African nations.

East Africa Bottling Pvt Ltd was created in 1995 by Kassim Houssein, Munir Duri, Bereket Haregot, Alula Araya, and myself. In an effort to develop the firm, negotiations with SABCO began in early 1996 and were finalized in 1999. As a result, the company’s name was changed to EABSC. Personally, I feel that partnering with SABCO was the finest thing we could have done for the EABSC.

SABCO is a family-owned enterprise that operated from dawn to sunset in the Coca-Cola industry. When we originally started in 1995, we only sold 5 million boxes, with additional difficulty during wet seasons. We have achieved 100 million crates with no stock today, owing to their competence and money investment.

— As the chairman of EABSC, can you offer more information on the company’s activities and some of its main successes to date?

EABSC is a corporation that is growing at a pace of more than 25% per year, a platinum taxpayer, and well-managed in the business sector. The CEO is the executive of the firm, whereas the chairman is a non-executive.

— How have EABSC’s activities changed over time, and what has led to EABSC’s outstanding success in Ethiopia: what is the company’s revenue, profit, and job opportunities?

EABSC has expanded at a 25% annual pace during the previous ten years. The beverage sector as a whole increased after 2006. Coca-Cola has not only developed via experience, but management has also managed to keep a 60 percent market share for the previous nine years. As previously indicated, Coca-Cola is one of Ethiopia’s top five taxpayers. Our firm has consistently gotten the platinum price from the PM.

— You previously sold a portion of your EABSC shares. What is the current ownership structure of EABSC?

By the end of 2017, my 26,000 shares had been reduced to 11,054. I owned 121,000 paid-up shares and 5,000 unpaid shares at the end of 2017. In April 2021, I sold 50,000 of my shares to three persons, and I still possess the remaining 71000 paid-up shares and 5000 non-paid shares. I am still chairman of the EABSC and director of Ambo mineral water.

— In your experience as a successful entrepreneur, what key hurdles must be addressed to support the establishment of businesses?

I cannot claim all responsibility for my accomplishment. I can only say that I was blessed with significant persons in my life, such as my father, uncles, and godfather. My father, an educated, generous, and informed guy, taught me the meaning of achievement. Abiselom, my wonderful uncle, taught me how to interact and be courteous to everyone. My uncle Yehdego educated me about nature’s beauty and the delights of travel. Most significantly, my kind Godfather Antonio taught me to be a tough, diligent worker, and warrior. Last but not least, my Lycée classmates, who have shown me friendship, love, and respect, as well as the capacity to welcome me wherever they are. Above all, Amaretxh’s prayer group instilled in me faith, hope, and heavenly power.

– Most people associate you with your Coca-Cola interests. What are some of your other passions?

In Ethiopia and abroad, I am interested in agriculture, manufacturing, and mining, mainly in gold as a deal maker. In addition, I represent a number of multinational enterprises in Arica’s east and horn. I am pleased to be known as “Negusse coca,” because I fought numerous fights that had nothing to do with my shares, but in each battle, individuals envious of my shares sought to kick me out of the EABSC, and thanks to the Lord, I survived, but I prefer to be known as “The Farmer.”

— How do you define success?

For me, success is getting up when my body wants to, doing what I want, being known as a helping, and, most importantly, being a trailblazer in what I do. My particular interests include farming and negotiating major mining contracts.