NAIROBI, March 29 (Reuters) - Kenyan investment company Centum (ICDC.NR: Quote, Profile, Research) has offered its 10 percent stake in a concession running the Kenya-Uganda railway for $4.5 million to other shareholders, the company said on Monday.
The 25-year concession started in 2006 but failed to take off due to a dispute between shareholders of Rift Valley Railways (RVR). Reviving the rail network between Kenya and Uganda is seen as critical to boosting intra-regional trade.
"Centum Investment Company, in line with its new investment strategy, has offered its entire 10 percent equity stake in the Rift Valley Railways Investment (RVRI) to the rest of the shareholders through a pre-emptive offer process as outlined in the RVRI shareholders agreement," it said in a statement.
Other partners in the consortium are Mirambo Holdings and Primefuels Ltd, Trans-Century, Babcock & Brown of Australia and Egypt's Citadel Capital CICA.CA, through its subsidiary Ambience Ventures.
Under a deal that was announced after arbitration in London, and which is expected to be finalised by mid-April, Ambience Ventures will take a 51 percent shareholding in RVR, while Trans-Century will own 34 percent. [ID:nLDE62M15S] (Reporting by Helen Nyambura-Mwaura; Editing by Richard Lough and Hans Peters)
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