HiPipo Money

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You might have the perfect outfit picked out and made sure that your smell like a meadow of wildflowers, but there’s something more important to consider when wanting to put your best foot forward – How’s your charisma?

Adam & Eve poses an interesting question to those currently searching for their perfect partner: “Would You Go Out With Yourself?” Many people have a list of qualities they’re looking for in a partner, but they don’t take into consideration whether they’re portraying someone with the same desired qualities. In fact, there are some things you could be doing, that you don’t even realize, that could be giving people the wrong impression of your personality.

Obviously being yourself is crucial for setting the stage to an honest relationship, but some of your behaviors can be very off-putting to your date. This isn’t to say you have to dazzle and memorize your them with enchanting stories, but anyone going on a date should be aware of their actions just as much as how they look.

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Marie Claire states in an article that many people make the mistake of talking too much during a date. It’s understandable that you want to avoid any awkward silences on your date, but dominating the conversation can be even more discouraging, especially if the person you’re with is shy. To avoid seeming self-centered, make sure you ask your date about themselves. Someone who is more reserved may need a little encouragement to contribute to the conversation.

Mind Your Table Manners
Your table manners will also tell your date a lot about you. Some people might find it unnecessary to keep your elbows off the table or use the correct fork for your salad and entree, but there are some things that are universally agreed upon as necessary etiquette when sharing a meal with someone. You don’t have to act like you’re eating with the queen, but you’ll be hard-pressed to find someone who can tolerate a date who chews with their mouth open, belches during a meal, and gets too drunk.

Be Polite
It might go without saying, but your date is going to notice how you treat the people around you. Sometimes nerves can distract you from doing things you otherwise might not think twice about, so remember to say please and thank you to the server, and try to stay positive throughout the evening. Be receptive to your date’s stories by making eye-contact and relative comments. No one wants to go out with someone who seems bored with them. Even if you don’t see a second date in the future, there is no point in being rude and making the other person feel bad.

It’s nothing more than a little self-awareness, but it can make all the difference for how your date views you. Just be courteous, be yourself and don’t let your nerves get the best of you. If you start to feel anxious, remember your date is probably feeling the same. You only get one first date with someone, so try and have some fun with it!

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From 15 April, DStv will be introducing its audiences to Planet Radio TV (PR TV), an innovative channel showcasing Africa’s music and youth entertainment. The channel will be on the pay tv platform for a three-month trial period and will be available on DStv channel 335 to subscribers on the Access, Family, Compact Plus, Compact and Premium bouquets until 15 July 2014.

PRTV has grown from being solely an online entertainment platform and has successfully integrated the live elements of radio and the visual aspects of TV with state of the art technology and boasts more than eight hours filled with live entertainment TV daily!

Viewers will enjoy a multitude of in-house produced productions that cater to the music and entertainment needs of the Pan-African viewers. The channel’s breakfast show, Daily Planet airs on weekdays from 09:00 CAT and showcases exclusive celebrity news and videos. The new-age jukebox, Planet Mix, is sure to be a hit with music lovers as PR TV’s talented VJs provide daily live mixes that satisfy even the most eclectic of musical tastes.

The world of hashtags and retweets comes to life every Monday at 21:00 CAT on the interactive Twitter Sphere while drive time TV launches into the entertainment stratosphere with The Buzz on Wednesdays at 16:00 CAT and Z Drive on Thursdays at 16:00 CAT. The channel also shines the spotlight on the best that Ghana has to offer with GH on Point, weekdays at 11:00 CAT.

Viewers should lookout for Idols Cameroon winner Zinnia (host of the Z Drive), former Big Brother Africa housemate Kwaku (Daily Planet host), the stunning Nadia (field reporter), the talented DJs Waxxy, Scratch Masta and Leon (Planet Mix) plus a whole lot more young, driven media professionals.

Planet Radio Television channel will be available on DStv channel 335 from Tuesday 15 April at 11:00 CAT for a period of three months.

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AMONG THE BIGGEST and most prestigious tourism products and services from across the African continent are confirmed to exhibit at INDABA 2014. They will showcase their offerings to the 1441 confirmed top quality travel and tourism buyers (registration is still in process) keen to capitalise on exceptional growing inbound tourism growth to Africa.

To date, less than two months before INDABA 2014 opens on 10 May, 398 main stand exhibitors have confirmed their places, and among them are not only international big-name brands like, Tourvest, Mantis Management, Seasons in Africa and the Amalinda Collection and many others, but also the cream of African leisure tourism products, services and experiences such as Singita.

Together, these exhibitors have a vast global appeal in both the developed markets (namely USA and Europe) as well as emerging markets (namely Africa, Asia, Latin America), and attract the volume of inbound tourists that the continent wants and needs.

Excitingly, a great new addition to INDABA 2014, the TechZone gives the premium digital service providers to the tourism industry an exciting space to meet both buyers and exhibiting delegates. Confirmed so far to exhibit in the INDABA 2014 TechZone are Travelstart (South Africa’s leading online travel agency); WAYN.com (the world’s biggest travel and lifestyle social networking community website); TripAdvisor (biggest destination marketing organisation in the world); Expedia (one of the world’s largest online travel booking agencies); Springnest (offering simple web, mobile and social marketing for small tourism businesses) and Nightsbridge (that offers the industry real time software and marketing links), with a few others still anticipated to join INDABA 2014.

“It has never been more important to plug into Africa’s tourist trade. According to the latest United Nations World Tourism Organisation (UNWTO) Barometer, Africa attracted three million additional arrivals, reaching a new record of 56 million in 2013. INDABA 2014 is the single biggest and best platform for doing business in African tourism,” says ThulaniNzima, Chief Executive Officer at South African Tourism.

Many INDABA exhibitors are veteran attendants, with about 62 percent of them attending between 11 to 20 years. Among them are leading international travel brands that enjoy impressive global reputations, and have made INDABA what it is today – the most established and best attended trade show in Africa. They will be at INDABA again this year, rubbing shoulders with the best, representing over 23 countries around the continent.

To date, the following destinations (with travel product representation) are confirmed to exhibit at INDABA 2014: Angola, Benin, Botswana, Democratic Republic of Congo, Egypt, Ethiopia, Kenya, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Niger, Reunion Island, Rwanda, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

One of INDABA’s unique selling points is that unlike other big international travel shows, it caters not only for international buyers but also for local buyers. INDABA showcases the entire spectrum of African tourism product, from select innovative SMEs, to global international players like Abercrombie and Kent, Private Safaris, Leading Hotels of the World and Relias and Chateaux.

“Local buyers are large Destination Management Companies (DMCs) that offer excellent value add to INDABA, as they not only generate lucrative business, but they also market South Africa as enthusiastically as we do at South African Tourism,” says Nzima.

To inform South Africa’s tourism trade of its three-to-five year growth strategy embracing the rest of the continent, South African Tourism undertook a trade roadshow, visiting South Africa’s major cities and towns. “We explained our plans, but also heard back from trade on how we could further improve INDABA. We took these suggestions to heart, and have implemented some of them in order to better deliver to our exhibitors’ expectations,” says Nzima.

Building deeper relationships with trade is the essence of South African Tourism’s reinvigorated trade strategy domestically and globally, therefore roadshows and workshops have also been held in France, Germany, UK and India.

A new office has opened in Lagos, Nigeria and in addition, for the first time ever, South Africa is taking a delegation of South African exhibitors to the ABAV travel tradeshow in Sao Paulo, Brazil, in September.

Informed by its Hub Strategy, the framework of South African Tourism’s marketing work; marketing expenditure has increased in the exciting emerging markets such as China, Brazil and India, which according to the latest UNWTO World Tourism Barometer, led outbound tourism growth in 2013.

“Our market mapping has also been refreshed with the latest consumer research, to better understand the intricacies of how the trade operates in these different markets and seize growth opportunities in them,” Nzima says.

South African Tourism is actively recruiting additional INDABA exhibitors across the continent, meanwhile, and is confident more African destinations will register to exhibit. These exhibitors will be announced once their applications have been finalised.

Among those confirmed to exhibit at INDABA 2014 are the Shamwari group, Mala, Legend Lodges and hotels, Zimbali, Tsogo Sun, Grootbos, Premier Hotels and Resorts and Blue Train. In addition, Under One Botswana Sky, Phakalane Resort Hotel, Nesbitt Castle, Sol Resorts, Ichobezi River Lodges, Grand Plains Conservation, Kijongo Bay Beach Resort, Rwanda Air, Safari 2 Gorilla Tours, Eko Hotels and Suites, Moivaro Lodges and Tented Camps and the Hemingway’s Collection will also be present at this year’s INDABA.

Between them they include all the premier African safari destinations, among the most luxurious and desired five-star accommodation establishments, the most sensational and fascinating lifestyle and culture experiences on the continent, a large number of awesome adventure activities and destinations, and among the world’s finest golfing and other sporting destinations.

Suffice to say, INDABA is the global travel sector’s best opportunity to plug into Africa’s record breaking inbound growth. Be sure to register and become a partner for spurring tourist growth to our region to even greater heights.

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Hiring of firm’s first dedicated Head of Internal Audit comes as firm prioritizes three themes for the balance of the year: divestiture of non-core investments, risk mitigation and institutionalization.

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has deepened its investment in corporate governance systems as part of its institutionalization drive with the recent hiring of its first dedicated Head of Internal Audit.

Shady Raphael brings broad industry experience to the firm, having earlier worked in the internal audit, assurance and finance functions inthe pharmaceutical, audit and, most recently, telecommunications industries.

“As we approach the closing of our capital increase later this week, Citadel Capital has exactly three priorities: the divestiture of non-core assets, the continued mitigation of operational and financial risk; and a very sharp emphasis on governance,” said Ahmed Heikal, Chairman and Founder of Citadel Capital. “We expect Shady to make a very significant contribution to our institutionalization drive at both the firm and subsidiary level.”

Citadel Capital is presently closing an USD 0.52 billion capital increase that will see paid-in capital rise to USD 1.15billion as the firm acquires majority control of most of its core investments. The move comes as part of the firm’s transformation into an investment company with a focus on five core industries, including energy, transportation, agrifoods, mining and cement.

“On the divestiture front, we look forward to soon closing the sale of the Sudanese Egyptian Bank, the first of several non-core assets we aim to divest this year,” Heikal noted. “Proceeds from the exits of non-core holdings will, among other things, help us further mitigate risk by allowing us to optimize our debt structure, re-invest capital into our core-investments and generally strengthen our balance sheet.

“Shady’s hiring is one of several developments falling in the category of institutionalization as we look to back our team at the firm and subsidiary levels with the systems, policies and procedures they need to manage risk as they grow their businesses,” Heikal noted.

In keeping with global norms, Raphael will formally report to the audit committee of Citadel Capital’s board of directors, with a ‘dotted-line’ relationship to Heikal in his role as Chairman.

Said Raphael, “Our focus right now is on the rapid adoption of global best practices to set up the systems we need at the Citadel Capital level — starting with basic processes including the internal audit charter and anti-fraud policy — and extending into a deep risk assessment to define the areas in which management needs to focus. My role in this sense is to validate the policies, procedures and controls that will strengthen the firm’s ability to create and maximize stakeholder value.”

Raphael’s mandate will extend to the subsidiary level, where he will help ensure the dissemination of group policies and best practices and help institutionalize new internal audit functions. He will also sit as a member of the audit committee of subsidiaries that have already established such bodies.

“Fundamentally, my job is about institutionalization — to ensure the controls are in place to maintain and create stakeholder value through the institutionalization of proper control systems,” Raphael concluded.

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• 100,000,000/= donated to Kabaka Birthday Run for Fistula
• T-Shirts provided by Airtel Uganda for Kabaka Birthday Run
• King Ronald Mutebi hails Airtel for her efforts

Airtel Uganda sealed their new partnership with the Kabaka Foundation at the Kabaka’s Birthday Run on Sunday morning.

It was a rainy morning but the Palace “Lubiri” was teaming with thousands of well-wishers including theAirtel Uganda team, more than 7 members of Parliament and Buganda Cabinet members present. It was indeed a well-coordinated cause that saw corporates from all walks of life come together for a good cause.

The Kabaka of Buganda, His Majesty Ronald Muwenda Mutebi expressed his gratitude to Airtel Uganda for honoring his cause with such commitment. The run was flagged off by His Highness after he received his running kit from the Airtel Uganda Team.

The Katikkiro of Buganda, Hon. Charles Mayiga said that the run will henceforth become an annual event that will take place on every Sunday before the Kabaka’s Birth date. In the fight against Fistula, Kitovu Hospital in Masaka has been cited as being at the forefront. The Katikkiro called the Airtel-Buganda partnership as a strategic partnership for the benefit of the Buganda interests and community.

The winners of the various distance categories were:

Ronald Mukasa – 5km

Godfrey Sande – 10km

GonzaagaSebuuma – 21km

After the run, the crowds were addressed by the Katikiro of Buganda Hon. Charles Peter Maiga who stated that “with this kind of support from Airtel Uganda, Fistula will soon be an issue of the past. Helping women means we are helping the mothers of the nation so we thank you all.”

Speaking about the occasion, Airtel Managing Director Mr. Arindam Chakrabarty said; “It is part of our social responsibility to contribute to the well-being of the society in which we live. Today is yet another victory that shows what society can achieve when people join hands for a just cause. Airtel Uganda is proud to be associated with this noble cause and we believe strongly that ‘Together we can!”achieve anything’

At the event, people took advantage of the availability of Airtel customer care people to send, receive and register for Airtel money. Others had their service problems being solved at the run. The function ended with the various runners congratulating each other on braving the rain.

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Ugandans love to laugh and will soon have plenty more to tickle their funny bone following the launch of Mirinda comedy platform on Wednesday, April 9, 2014 at Laftaz Comedy Lounge at Centenary Park.

The hottest comedic talent from Uganda’s premier comedy groups will work alongside some top musicians in Uganda to deliver a fresh breath of air to a host of vibrant and appealing events to Uganda audiences over the next eight months, starting this weekend in Jinja and Mbale on Friday and Saturday respectively.

Speaking at the launch of Mirinda Comedy, Mr. Innocent Tibayeita, the head of Sales and marketing at Crown Beverages Limited, said: “As we have a proven track record of supporting talent and keeping our consumers entertained after a hard day’s work, we felt the time was right to take Uganda’s comedy credentials to another level and tie it in with Mirinda’s free your fun side thematic.

Mr Tibayeita added: “Mirinda has been a strong partner to Ugandan comedy. We have invested over Shs500 million in bringing laughter to Ugandans. This year we are here to revolutionalise comedy by continuing to tap into our existing partnership with Laftaz and Fun Factory. We are, however, expanding the partnership so as to bring leading comedians on board, tap into Ugandans’ love for music and take this fantastic experience outside Kampala and to the rest of the country. I am thus proud to announce our Shs400-million-sponsorship package to comedy in Uganda with half of that in media support and the rest directly facilitating the comedy experience.”

Besides Kampala, Mirinda Comedy will be experienced in Jinja, Mbale, Mbarara and Gulu among other towns and some of the comedians expected to give doses of laughter to our

audiences are Anne Kansiime, Prince Ehmah, Salvador Idiringi, Alex Muhangi, Abbey Mukiibi, Patricko Mujuuka, Afande Kelekele, Hannington Bugingo, Frobisher Lwanga, Gerald Rutaro, Dolibondo, among others.

The musicians are Jose Chameleone, Aganaga, Siza Bafana, Bobi Wine, Gudlyf Crew, among others.

The Mi rinda Comedy, Ms Berna Kizza, the brand manager, said embodies the true character ofbrand Mirinda, which comes in a variety of flavors including; Fruity, Orange, Pineapple and Green Apple.

“We’ve tapped very talented individuals, both established and up-and-coming who fit the Mirinda DNA, to create a spectrum of original content that many of our consumers have been yearning to have for years,” Kizza added.

The entrance charge at the upcountry shows is Shs7,000, but it will come with a free soda at the gate.

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2014 promises to be even more special for DStv’s Female viewers with Africa’s premier pay television launching a campaign featuring specialised programming that is geared towards the female segment.

Female DStv subscribers will be treated to romantic comedy shows, dramas, romantic movies and reality shows across several channels such as The Style Network, Entertainment Television, M-Net Series Reality, TLC Entertainment, Telemundo, Ebony Life and BBC Lifestyle. There will also be great programming for kids on various channels including Disney Junior, Cartoon Network, Disney XD, JimJam and the Channel ED to provide the young ones with fun stories, adventure and education.

According to Tina Wamala, PR and Communications Manager for MultiChoice Uganda the DStv product is synonymous with top class entertainment and quality. “It has a wide range of genres! From music, movies, fashion, series, lifestyle and soaps; to news, documentaries and current affairs – we have it all. Telemundo, one of the latest channels on the platform has garnered a lot of popularity amongst our female viewers bringing romance and love right in their living rooms”.

She continued “Key highlights of the campaign will see DStv’s numerous female subscribers win spa treatments courtesy of DStv in partnership with Soothing Spot Spa one of Uganda’s leading wellness clinics. All subscribers will be required to do is answer simple questions related to female programming on partnering radio stations and subscribers who respond correctly will get the full pampering treatment”.

Explaining why DStv had decided to launch the campaign Tina noted that the female segment was a very important part of the business they constitute almost 50% of our client base and we have decided to recognise them accordingly by rewarding them with the Spa treatments and providing programming content that is geared towards their tastes. Some pioneering TV channels tailored for women on DStv includesM-Net Movies Zone,AfricaMagic, E! Entertainment, Sony Entertainment Television, Style and Telemundo.

There are several programs tailored for all categories of viewers and they are available on all DStv bouquets. These programs showcase women in positions of power and serve as an inspiration to women across Africa and these includes, CNN’s Amanpour, Impact With MishalHusein, The Fixer, Oprah’s Masterclass and 53 Extra. There are also other entertaining programs for women such as @ Home With Michelle Attoh and Joselyn Dumas, KimoraSimon?s House Of Fab, Keeping Up With The Kardashians andThe Real Housewives of Atlanta.Female programming is available on all five DStv bouquets – $10 (access), $20 (family), $33 (compact), $54 (compact plus) and $84 (premium) but the channel line-up is dependent on the bouquet one subscribers to.

The DStv female campaign starts on the 9^th of April and will last two months until 31^st May 2014.  

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100% subscribed capital increaseallows Citadel Capital to acquire majority control of most core subsidiaries, a major step towards the firm’s transformation from a hybrid private equity firm into a fully-fledged investment company

Citadel Capital the leading investment company in Africa and the Middle East, has today closed the second and final subscription on its rights issue of 528 millionUSDbringing its total paid-in capital up-to $1.15bn.

This will allow Citadel Capital to take majority stakes in most of its subsidiaries companies in the five core industries it invests in energy, transportation, agrifoods, mining and cement. Non-core subsidiaries will be divested over the coming three or more years.

“This is a major landmark towards our transformation into a fully-fledged investment holding company,” said Ahmed Heikal, Chairman and Founder of Citadel Capital. “From a capital-intensive hybrid private equity business”.He continued our list of focus industries has become narrower but our risk profile has also reduced. Our major goal however remains the same to become to Africa’s leading investment vehicle in infrastructure and resources, through the creation of shareholder value above all else.”

The transformation, said Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar, will substantially strengthen the firm’s balance sheet while simultaneously delivering focus and clarity.

“Liquidity from the exit of non-core investments at the right time and valuations will strengthen our balance sheet, which has swollen in the first instance through our acquisition of majority stakes,” El-Khazindarsaid. “This enhanced balance sheet will make us more capital efficient going forward by allowing for better financing options. We will, moreover, be better able to make use of our cashflows: With majority or 100% ownership, a rebalancing of the mix between operational companies and greenfields will allow free cash generated by more established companies to fuel growth-phase investments — and reduce our reliance on external funding.”

The focus on five core industries will allow management to concentrate its emphasis on those companies it knows best (and that have the strongest growth prospects), El-Khazindarsaid, while the fact of the firm’s consolidated financial statements becoming the true measure of financial performance will make the firm easier to value and understand.

“All of this is about creating value for shareholders, deleveraging and building cash balances. Our three priorities for the rest of this year and into next are: the divestiture of non-core assets; the continued mitigation of operational and financial risk; and institutionalization,” said Heikal.

“On the divestiture front, we look forward to soon closing the sale of the Sudanese Egyptian Bank, the first of several non-core assets we aim to divest this year,” Heikal noted. “Proceeds from the exits of non-core holdings will, among other things, help us further mitigate risk by allowing us to optimize our debt structure, re-invest capital into our core-investments and generally strengthen our balance sheet.

“The third plank of our program for the year is perhaps the most fundamental and, in many ways, is the bedrock upon which the others rest, and that’s our very sharp focus on institutionalization, with a particular emphasis on corporate governance. We firmly believe that the creation of shareholder value can be made sustainable only when shareholder rights are protected and when management is backed by the systems and practices that allow us to mitigate risk. We look forward to announcements in this respect of new hires, new systems, new committees and new procedures in the months to come,” Heikal said.

When all regulatory formalities are completed, Citadel Capital’s paid-in capital will stand at $1.15bn, split across 1.6 billion shares, of which 1.2 billion will be common stock and a further 400 million preferred shares.

Heikalconcluded by expressing gratefulness to Citadel shareholders and limited partners for their vote of confidence in the firm, in our management team and in a strategic vision that we are confident will create value going forward.”

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Rights issue to close on 9 April 2014, completing the key step in the firm’s transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has received key regulatory approvals that will allow it to close its capital increase on 9 April 2014 with full subscription.The rights issue will bring the firm’s issued capital to USD 1.15 billion.

The Egyptian Financial Services Authority (EFSA) has approved the dates for the second and final subscription period for the capital increase from Wednesday, 2 April 2014 until Wednesday, 9 April 2014, while the General Authority for Investment and Free Zones (GAFI) has also   reviewed and approved a report by the firm’s independent auditor (KPMG / Hazem Hassan)that certifies USD0.53billion in liabilities to co-investors and shareholders, mainly arising from investment purchases by the firm. Citadel Capital will capitalize an amount equivalent to the uncovered portion of the capital increase, thus ensuring it will be fully subscribed.

As part of its transformation into an investment company, Citadel Capital will focus on subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.

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Capital Subsidiary Africa Railways lead investors in the Kenya and Uganda railways has completed a transaction that has seen it purchase a 34% equity stake in RVR from Safari Rail Company Limited, a wholly owned 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%, following the acquisition of the entire equity stake held by TransCentury Limited (“TransCentury”), a Nairobi-listed infrastructure company.

In January 2014, TransCentury, announced its subsidiary Safari Rail Company Limited (“Safari Rail”), had exercised an option that would result in a change of its shareholding in KU Railways Holdings Limited (“KURH”), this triggered a 60 day deadline under which Citadel either had to either divest its majority shareholding to TransCentury or buy it out. Citadel chose the latter option. 

“We have been part of the RVR story for the past seven years and helped steer the company through some very challenging times, said Zephaniah Gitau Mbugua, the Chairperson of TransCentury Limited. RVR is vital to the economies of Kenya and Uganda and TransCentury remains fully in support of the Company. We wish Citadel Capital and the team at RVR all the best as they continue to see through the turnaround of the railway”.

Since 2010, Citadel Capital and TransCentury have led the replacement of hundreds of kilometers of decrepit track and completed the first phase of the rehabilitation of 500 kilometers of rail that links Kenya with Tororo in Eastern Uganda and Gulu in the north, ending two decades of disuse and inefficiency. The more efficient and dynamic railway is now backed by world-class technology and rehabilitated rolling stock as part of an ongoing reconditioning program. For the first time, the entire network is managed through a state-of-the-art GPS-based control room from the company’s headquarters in Nairobi; moreover, RVR is now moving into a phase that will see it purchase new locomotives, doubling its fleet size in the coming 12 months.

Commenting on the reasons why Citadel capital had and continues to invest in the Railway, Dr Ahmed Heikal the founding Chairman of Citadel Capital said “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, We are honored to continue working with our partners in Africa Railways on RVR’s turnaround story,” “RVR is one of the most exciting investments in our portfolio and our most significant investment in East Africa.

Talking about the role its fellow shareholders played in turning around the business so far Karim Sadek, Citadel Capital’s Managing Director for Transportation Investments said TransCentury and Bomi have worked closely with RVR management to help the company make good on its promise to both the governments and people of Kenya and Uganda,” said “Our partnership with TransCentury has been an important part of the progress RVR has made with its turnaround to date; we are open to working closely with the team at TransCentury going forward.” Africa Railways shareholders include leading global institutions including the IFC, African Latin American and Caribbean Fund, LP (ALAC), a private equity fund managed by the IFC Asset Management Company, LLC; Dutch development bank FMO; German development finance institution DEG; FISEA, a vehicle dedicated to investment in Sub-Saharan Africa owned by France’s AgenceFrançaise de Développement and managed by its subsidiary PROPARCO; and the International Finance Corporation (IFC). Heikal concluded: “RVR will continue to provide reliable,  cost-effective transportation solutions to East Africa’s emerging oil, gas and manufacturing industries, among the many other sectors driving growth in this dynamic region. We have so far only scraped the surface of what is possible.” TransCentury first invested in RVR in December 2006, acquiring a 20%  stake in the company 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 via Africa Railways.