TransCentury, an investment company in Kenya, has sold its stake in Rift Valley Railways to Citadel. TransCentury sold 34 percent of its holdings to the Egyptian company, said a report from Ventures Africa. The deal was valued KES5 billion.
The deal ended TransCentury’s scarce hunt for a profitable investment in the industry. RVR sold its shares after years of slow growth. The company has shown recent indications that it has bounced back on the track making it a profitable investment, reported Ventures Africa.
In a statement, TransCentury chief executive Gachao Kiuna said, “We are actively exploring other possible ways to work together with Citadel Capital to support RVR and maximise value for all stakeholders.”
The sale has led Citadel owning 85 percent stake in the railway firm. Citadel also made changes on its investment scheme from short-term to long-term investments. The Kenya-Uganda deal is a first of Citadel, Ventures Africa said.
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