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Thursday, 5 January 2017

QH to sell 100% of RVR -sources

Qalaa selling its stake in RVR? Qalaa Holdings is reportedly looking to sell most or all of its stake in Ugandan-Kenyan venture Rift Valley Railways (RVR), Al Borsa says, citing unnamed officials. Rift Valley Railways has the exclusive right to run the Kenyan and Ugandan national railway for 25 years. Al Borsa suggests it is the full stake controlled by Qalaa’s Africa Railways (limited partners in which include development finance institutions) that’s on the auction block. Kenyan media, though, suggest Qalaa would retain about 5% after the transaction. Kenya’s Business Daily has extensive coverage of the story here and here, including some inside baseball on the consortium that’s reportedly looking to fast-track a sale. Qalaa has already reclassified Rift Valley Railways “as a discontinued operation on Qalaa’s income statement and a liability held for sale on its balance sheet,” the company said in its 3Q2016 earnings (pdf).

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