Rift Valley Sorted Out?
Posted: 07 Apr 2010, 22:37
RIFT VALLEY SORTED OUT
Posted on 06 April 2010 by Railways Africa Editor
According to a statement released by Rift Valley Railways (RVR) on 23 March, shareholder agreement has been reached on the way forward. The Kenya-based TransCentury together with Ambience Ventures, a subsidiary of Cairo-based Citadel Capital, will jointly invest $US250 million to revitalise the Kenya-Uganda metre-gauge rail concession. They are also to “facilitate†the development of a standard gauge line linking Kampala to Mombasa.
The restructuring – to be finalised in April – will see Citadel Capital holding 51% of RVR, Trans-Century with 34% and an Ugandan investor with 15%. Other existing minor players evidently fall out of the picture According to press reports quoting “a recent board paperâ€, all RVR locomotives are overdue for overhaul. Extensive lengths of the main-line have severe speed limits imposed due to their condition.
South Africa-based Sheltam, the original lead investor and major shareholder in RVR, will disappear from the scene.
Posted on 06 April 2010 by Railways Africa Editor
According to a statement released by Rift Valley Railways (RVR) on 23 March, shareholder agreement has been reached on the way forward. The Kenya-based TransCentury together with Ambience Ventures, a subsidiary of Cairo-based Citadel Capital, will jointly invest $US250 million to revitalise the Kenya-Uganda metre-gauge rail concession. They are also to “facilitate†the development of a standard gauge line linking Kampala to Mombasa.
The restructuring – to be finalised in April – will see Citadel Capital holding 51% of RVR, Trans-Century with 34% and an Ugandan investor with 15%. Other existing minor players evidently fall out of the picture According to press reports quoting “a recent board paperâ€, all RVR locomotives are overdue for overhaul. Extensive lengths of the main-line have severe speed limits imposed due to their condition.
South Africa-based Sheltam, the original lead investor and major shareholder in RVR, will disappear from the scene.