The supermarket chain took the biggest financial hit from Kenyan operations at $15.39 million.
The two companies on Wednesday separately announced they had reached mutual consent to call off the proposed merger.
The decision came after the government reviewed the list of companies intent on buying a stake in Ethio Telecom.
Plant commissioning will start this month and is expected to go fully online in November.
AGM also gives nod to creation of an additional 606.19 million ordinary shares of Ksh5 ($0.05) each over a period of five years.