22nd Feb 2016 08:55
LONDON (Alliance News) - Atlas Development & Support Services Ltd on Monday said ground clearing work has started on the Chancho bottling project in Ethiopia.
Levelling of the site is underway and the top soil has been stripped, Atlas said. The work is being conducted through its industrial division.
A full feasibility study for the project is now underway and commissioning is on schedule for 2018, with full production targeted for early 2019.
"We are delighted to have broken ground at the Chancho project, our state-of-the-art glass manufacturing facility neighbouring Addis Ababa. The project has been an excellent acquisition for us, giving us a foothold in the burgeoning Ethiopian consumer market and positioning us at the forefront of advancements in the East African manufacturing sector," said Chief Executive Carl Esprey.
Atlas shares were down 9.5% to 0.28501 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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