Citadel Capital buys more stakes in Rift Valley Railways
Publish Date: Apr 02, 2014
Citadel Capital buys more stakes in Rift Valley Railways
Museveni launches Tororo-Pakwach Railway in Gulu
  • mail
  • img

By Billy Rwothungeyo
Capital Subsidiary Africa Railways, a lead investor in the Kenya and Uganda railways, has purchased a 34% equity stake in ( Rift Valley Railways )RVR from Safari Rail Company Limited.
Safari Rail Company is a subsidiary of Nairobi-listed infrastructure company TransCentury Limited. 
The transaction, which was concluded yesterday, brings Africa Railways’ total ownership of RVR to 85%, up from 51%.
“The citizens and business communities of Kenya and Uganda have a right to a world-class national railway that serves as an engine of national development and regional integration,” said Dr Ahmed Heikal the founding chairman of Citadel Capital after the latest acquisition. 
The replacement of hundreds of kilometres of decrepit track started in 2010. 
Since the start of the rehabilitation, 500 kilometres of rail that links Kenya to Tororo in Eastern Uganda were given a new lease of life, alongside the rail that marauds from Tororo to Gulu in the north, ending two decades of disuse and inefficiency.
The entire network is also managed through a state-of-the-art GPS-based control room from the company’s headquarters in Nairobi.
TransCentury first invested in RVR in December 2006, acquiring a 20% stake in Safari Rail and later increased its shareholding to 34% in May 2010. 
Citadel Capital first acquired a minority stake in RVR in 2010, eventually becoming lead shareholder through Africa Railways. 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Dollar holds euro gains but dips against emerging units
The dollar held its gains against the euro Tuesday as markets bet on a Federal Reserve rate hike next month, while emerging market currencies got a lift from optimism over the world's top economy....
Uchumi Supermarkets sued over 63m
A supply company has sued Uchumi Supermarkets over uncleared debt to the tune of sh63.4m. The firm, 7 Days International Limited, deals in sanitary products...
Insurers challenged to invest in micro-insurance
Ronald Zake, chairman Insurance Institute of Uganda (IIU) has challenged players in the industry to embrace micro-insurance to cater for small and medium size enterprise...
Global markets push higher after week darkened by terror
Global stock markets pushed higher Friday to end a nervous week during which investors demonstrated a feisty resilience amid a cloud of terror....
Bahati explains return of public funds
The state minister for finance in charge of planning, David Bahati has accused some accounting officers for causing delays in the release of public funds....
Dollar under pressure as Fed timetable in focus
The dollar edged down for a second day against emerging market currencies in Asia Friday as dealers focus on the pace of the expected rise in US interest rates....
Is Uganda ready for the pope's visit?
Can't Say
follow us
subscribe to our news letter