Citadel now holds a 51% stake in RVR, with Kenya's Transcentury group holding a 34% stake and Bomi Holdings of Uganda the remaining 15%. The deal follows the revised Kenya/Uganda railway concession contract agreement signed on Wednesday by the Kenyan and Ugandan transport ministries which grants RVR access to lines leading to Uganda's oil fields. Problems in securing this agreement contributed to the delays in ratifying the concessionaire's shareholding structure.
As a result of the revised agreement, RVR now operates 2352km of lines, nearly double the initial 1200km agreed in its original November 2006 contract.
"We look forward to working with our partners to build the reliable, efficient and safe national rail system," said Mr Karim Sadek, Citadel's managing director.