Officials of the EIH and Toppan signed the shareholder deal on Friday.

EIH, Toppan Agree to Set up Securities Printing Business in Ethiopia

September 8, 2023

ADDIS ABABA – The Ethiopian Investment Holdings (EIH) has partnered with Toppan Gravity to set up a securities printing business.

The EIH and Toppan signed a shareholder’s agreement for the establishment of Toppan Gravity Ethiopia on Friday.

Ethiopia’s giant sovereign wealth fund initiated the investment to strengthen its print manufacturing portfolio.

“This venture will operate in the securities printing business ecosystem,” announces the EIH, adding it will be Toppan’s manufacturing hub for Africa and aims to be a key player in the continent and beyond.

“Once operational, this will have a direct impact on print-related import substitution and acceleration of national effort to minimize counterfeit and forged docs,” the EIH states.

The sovereign fund was set up by a decree of the parliament to manage public enterprises with a total asset worth $38bln and act as co-investor to foreign investors coming into Ethiopia.

The EIH is also a key shareholder in the Ethiopian Securities Exchange (ESX) which is set for launch in 2024/25, and will likely boost the ESX with a pipeline of listings from its business portfolio.