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Saturday, August 19, 2017

RVR insists options for collapsed sale of stake open

The 1968 Rift Valley  railways Locomotive model at the Malaba yard yesterday
The 1968 Rift Valley railways Locomotive model at the Malaba yard yesterday

Rift Valley Railways, the struggling operator of the Kenya-Uganda railway, insists it was in discussion with “several” investors for the proposed sale of controlling stake by Egypt’s Qalaa Holdings.

This follows the decision by Emerging Capital Partners, pan-African private equity firm, to pull the plug on negotiations to acquire Qalaa’s 80 per cent stake in RVR.

“As far as RVR is concerned, ECP has been involved in due diligence of RVR business through their agents which due diligence is ongoing,” RVR Group CEO Isaiah Okoth said in a statement. “RVR is currently reviewing its various options and is in close communication with both KRC [Kenya Railways Corporation] and URC [Uganda Railways Corporation] with a view to achieving the best possible outcome to all the railway stakeholders.”

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