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  • News items and announcements for the year: 2012

    Rift Valley Railways (“RVR”), which is 34% owned by Trans-Century Limited (“TransCentury” or the “Company”) has signed a USD164 million debt financing package, to support a USD287 million 5-year capital expenditure programme aimed at upgrading the railway services in Kenya and Uganda. The remainder of the funding will be from a combination of equity capital njections from the shareholders (TransCentury, Citadel Capital of Egypt and Bomi Holdings of Uganda) and internally generated funds.

    “TransCentury congratulates the board, management and staff of RVR on achieving this critical milestone and we look forward to working together to deliver on the promise of railway services to the people of Eastern Africa,” commented Dr Gachao Kiuna TransCentury CEO and non-executive director of RVR.  “RVR is now positioned to connect cost-effectively key industrial towns of the region to the Port of Mombasa, which now handles as much as 19 million tonnes of cargo annually and whose ambitious expansion plans are an indicator of the growth to come.”

    The RVR team working together with America Latina Logistica (the leading Latin America railway operator) and the shareholder group, have put in place a comprehensive capex programme that will see cargo volumes tripled from the current 1.5 million tonnes and will position the company for even more volume growth, given the continued demand for cargo logistics in the region.  This plan focuses on (i) improving capacity of locomotives and wagons; (ii) rehabilitating and building new track; (iii) ICT upgrades and (iv) strategic turnaround projects. 

    “We take this opportunity to thank Equity Bank of Kenya and the International Financial Institutions (AfDB, BIO, FMO, ICF, IFC and KfW) for their support and ingenuity in arranging the debt financing package,” said Zephaniah Gitau Mbugua, TransCentury Chairman and non-executive director of RVR. “Additionally we recognise and appreciate the tremendous support offered by the Governments of Kenya and Uganda.”

    The upgrading of the Kenya-Uganda railway is a key Vision 2030 flagship project and TransCentury is very honoured to be part of the team that is delivering on the Vision.

    “Having worked on developing Vision 2030 together with Dr. James Mwangi, Equity Bank’s CEO, who is now also Chairman of the Vision 2030 Delivery Board, I feel honored and excited to have TransCentury and Equity Bank, both unique Kenyan success stories, working hand in hand to deliver this key flagship project,” asserted Dr Gachao Kiuna. “This will be central to the Kenyan Vision 2030 story, and having strong local institutions at the helm will be critical to its success.” 

                                                                     —Ends—

    About Trans-Century Limited

    Trans-Century Limited is an infrastructure company based in Kenya, with a track record for delivering unique investment opportunities and executing for success. TCL seeks industries which display characteristics of under-penetration and inefficiencies and to invest to bring financial, technical and managerial capacity into such sectors. The Company’s key focus areas are the Power Infrastructure, Transport Infrastructure, and Specialised Engineering sectors, with additional operations in the consumer sector as well as affiliated holdings. The Group, which as at December 2010 had revenues of KES 6.8 billion and net income of KES 468 million, is geographically diversified, with presence in Kenya, Uganda, Tanzania, Rwanda, Democratic Republic of Congo (DRC), South Africa and Zambia.

    On 14 July 2011, TransCentury listed by introduction on the Nairobi Stock Exchange.

    For more information, please visit www.transcentury.co.ke.

    About RVR

    Rift Valley Railways (RVR) is the Kenya-Uganda concessionaire operating freight and passenger rail services in Kenya and Uganda on an exclusive basis. The company was founded in 2006 and has been granted a 25 year mandate to operate railway services on 2,000 kilometers of track linking the Indian Ocean port of Mombasa in Kenya with the interiors of both Kenya and Uganda, including Kampala. RVR is owned by the following shareholders: Citadel Capital, through its subsidiary Ambiance Ventures owns 51%; TransCentury, through its 100% owned subsidiary Safari Rail Limited owns 34% and Bomi Holdings owns 15%.

    Other News for the year 2012
    23/7/2012 TCL 2012 Half Year Results Download
    3/4/2012 TransCentury _ EAC Results Announcements Download
    23/3/2012 TCL Abridged 2011 Financial Statements Download
    12/3/2012 Cautionary Note and EGM Notice December 2011 Download
    9/2/2012 Notice of Conversion of Bonds into Ordinary Shares (TCL Press Release) Download
    2/2/2012 Rift Valley Railways Secures a USD164 Million Debt Financing Package (TCL Press Release) Download
    OTHER NEWS