The Rwanda Social Security Board (RSSB) has acquired full ownership of Inyange Industries Ltd and Ruliba Clays Ltd previously held by Crystal Ventures Limited (CVL). RSSB announced the transaction on Thursday, August 27, saying the move reflects its confidence in the long-term growth prospects of the two businesses and its mandate to protect and grow members’ funds through investments that generate sustainable, risk-adjusted returns. Before the transaction, RSSB held a 40 per cent stake in Inyange Industries and 50 per cent in Ruliba Clays. RSSB, which manages Rwanda’s social security system, has about Rwf3.5 trillion in assets across pension, medical and other schemes, according to the institution. Inyange Industries, Rwanda's largest food and beverage company, has established a strong position in the market and continues to demonstrate robust business performance and growth, according to a statement from RSSB. One of Inyange's most recent investments is a $54 million milk powder plant in Nyagatare District. The facility can process up to 650,000 litres of milk a day, converting 500,000 litres into milk powder and the remainder into UHT (ultra-high temperature) milk. ALSO READ: Made-in-Rwanda consumer milk-powder to hit market by September Meanwhile, Ruliba Clays, a manufacture of construction materials, is entering a new phase of expansion following the completion of its second manufacturing plant. The new facility has doubled the company’s initial production capacity, positioning it to respond to growing demand in Rwanda and the region, RSSB stated. RSSB said full ownership will allow it to support both companies through their next phase of development, focusing on stronger governance, operational excellence, disciplined capital allocation, regional expansion and sustainable profitability. ALSO READ: RSSB assets rise to Rwf3tn: What it means for Rwandans Over time, RSSB said, it would also explore strategic partnerships and capital-market opportunities, including the potential participation of institutional investors or public listings where these could enhance long-term value for its members. RSSB Chief Executive Officer Regis Rugemanshuro said the acquisition reflects the institution’s confidence in the companies’ future. Moving to full ownership reflects our conviction in the long-term potential of these businesses, Rugemanshuro was quoted as saying in the statement. Our ambition is to help build stronger, more competitive and more profitable companies that can scale beyond their current markets, attract strategic partners and generate sustainable returns for our members. As they grow, we will remain disciplined in pursuing opportunities to realise and maximise that value over time. RSSB has been a long-standing co-investor with CVL in Inyange Industries since 2014 and Ruliba Clays since 2009. The transaction is also in line with CVL's strategy of divesting from mature businesses once they have achieved the appropriate scale and stability. Beyond financial returns, RSSB said the continued growth of the two companies is expected to contribute to Rwanda's industrial development by strengthening domestic manufacturing, supporting local value chains, creating jobs and improving the competitiveness of Rwandan products in regional markets. RSSB said it remains committed to prudent and active investment management aimed at protecting and growing members’ funds while supporting the long-term financial sustainability of the social security schemes under its management.
