Provincial investment group goes public

Rwamagana–The Eastern Province Investment Cooperation (EPIC), previously a private company, has been transformed into a public entity.A memorandum of association was signed yesterday outlining the company’s name, its shareholders and number of shares held, and location of its registered office.EPIC is now a public company limited by shares that will have its offices at the provincial headquarters in Rwamagana.Yves Sangano, from the Office of the Registrar General (ORG), said all shareholders were now recognised as legal members of EPIC.He said converting the company into a public enterprise would raise capital in a relatively short period of time from the Initial Public Offering.“A private corporation is limited to a few shareholders and the transfer of shares is restricted...by changing to a public company, EPIC will not face this problem,” he explained.“Taking your business public attracts more investors…it allows you to grow through the value of your stock and raises awareness for your business. These are some of the advantages accrued.”The Governor of Eastern Province, Odette Uwamariya, said the company changed its status because of the districts’ involvement.“At least each district will invest Rwf 100 million in the company...this meant going public because of involvement of public money,” Uwamariya said.She challenged the company to live to its expectations of developing the province in all spheres.“One of the company’s primary objectives is to build a four star hotel in Nyagatare. This should be followed by modernising agriculture. With such a big company, post-harvest challenges should be history,” she noted.However, a member of the Private Sector Federation (PSF), who spoke on condition of anonymity, had some reservations. “We need to be convinced beyond doubt that EPIC will serve our interests. There should be an all inclusive board of governance elected by all members,” he said.

National

Provincial investment group goes public