Qalaa's indirect ownership in RVR stands at 73.76% and the company has been classified as a discontinued operation on Qalaa’s financial statements since 1Q2016
Qalaa Holdings (CCAP.CA on the Egyptian Exchange), 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 management’s conclusion that additional capital is required to complete the company’s transformation program, which has already yielded positive results on RVR’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 railway’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 Qalaa’s financial statements since 1Q2016.
Qalaa Holdings (CCAP.CA on the Egyptian Stock Exchange) 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 qalaaholdings.com.
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.
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