Published by Rwanda News Agency/Agence Rwandaise d'Information (Kigali)From 55% ownership stake, British tea firm LAB International has acquired another 35% from government making it almost the sole controlling power for the Pfunda Tea Company, RNA reports.
Cabinet decided on Wednesday to cede 35% of its forty percent stake at $ 667,906 (about Rwf 350 million). As for the 10 percent, government wants it given to the factory's workers.
In 2004, LAB International bought its majority stake at $ 1,060,160 (about Rwf 5.8 billion). According to government privatization plan for the company - combining the tea factory and large plantations in Western Rwanda, the government would transfer some shares to the local investors."
Complete story at "Rwanda: Government Cedes Tea Factory to British Firm"
Category: Rwanda + Investment + Economy + Agriculture
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