RIG to invest Rwf112 m this year

Rwanda Investment Group (RIG) has said that its net profit reached Rwf977.8 million last year and has promised to invest Rwf112. 9 million this year. The consortium of some 43 local investors engaged in different sectors also said that its Board of Directors had approved Rwf450 million dividends to the shareholders. Fiacre Birasa, CEO of RIG said that the company intends to plough back a significant fraction of its proceeds into companies where it is already the majority shareholder. “We don’t intend to invest in new areas but concentrate on the existing investments with much emphasis on peat production,” he said. RIG has controlling stake in Rwanda’s largest cement producer, Cimerwa, where it plans to increase its production capacity by six folds to 600,000 tonnes annually. It has also invested in methane gas extraction, the Kigali Industrial Park (KIP) project and the establishment of a peat producing plant in Cyangugu. Birasa said RIG has not yet decided on how much will be invested in each area. RIG is also a shareholder in Ultimate concept—a company that is charged with the development of the Kigali Conventional Centre, as well as honey processor MIG. Birasa said that the company expects potential partners from Switzerland and Finland in the peat production project. Research has been conducted and shows that the project is a good alternative energy to reduce dependence on diesel fuel. The peat plant will serve the cement factory to trim-down the company’s energy costs. It will also ease the making of pellet that is used in Tea factories. Birasa mentioned that feasibility studies about the project have revealed that Rwanda has the capacity to produce enough peat that can be used as an alternative source of energy for households and industries. “Despite the global financial crisis experienced throughout 2009, the participants of the General Assembly were delighted about the progress of the investment made by the group,” a statement by RIG said. Ends

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RIG to invest Rwf112 m this year