Qalaa Holdings , an African leader in energy and infrastructure, confirms that preliminary negotiations are ongoing with several prospective local and international investors for the sale of its stake in Rift Valley Railways (RVR), the national railway of Kenya and Uganda.
No official agreement or offer has been reached as of yet, and Qalaa will continue to communicate further information in due course as negotiations advance.
The decision to divest from RVR comes in the wake of managementâ€™s conclusion that additional capital is required to complete the companyâ€™s transformation program, which has already yielded positive results on RVRâ€™s operational performance. Until such time a sale agreement is reached, Qalaa will continue to provide operational and managerial support to RVR, all while pushing ahead with the railwayâ€™s three-point turnaround strategy.
Qalaa’s indirect ownership in RVR stands at 73.76% and the company has been classified as a discontinued operation on Qalaaâ€™s financial statements since 1Q2016.
Qalaa Holdings is an African leader in energy and infrastructure. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit www.qalaaholdings.com
For more information, please contact:
Ms. Ghada Hammouda
CMO & Head of Marketing Communications
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002