{"id":641989,"date":"2017-08-03T03:54:02","date_gmt":"2017-08-03T03:54:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/03\/qalaas-rvrs-contract-to-run-kenya-uganda-railway-terminated-court-orders\/"},"modified":"2017-08-03T03:54:02","modified_gmt":"2017-08-03T03:54:02","slug":"qalaas-rvrs-contract-to-run-kenya-uganda-railway-terminated-court-orders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/03\/qalaas-rvrs-contract-to-run-kenya-uganda-railway-terminated-court-orders\/","title":{"rendered":"Qalaa\u2019s RVR\u2019s contract to run Kenya-Uganda railway terminated, court orders"},"content":{"rendered":"

Kenya Railways has terminated Rift Valley Railways (RVR)\u2019s 25-year contract to run the <\/strong>Kenya-Uganda railway<\/strong>, Business Daily reports<\/a>. RVR is controlled by investment company Qalaa Holdings. Kenya\u2019s High Court ruled that \u201cthe concession agreement dated January 23, 2006 be and is hereby terminated today July 31,2017\u201d following a dispute over the failure of RVR to pay concession fees and missing cargo haulage targets. \u201cRVR will hand back operations, employees and assets\u2026within 30 days\u2026The two parties will now form a joint takeover committee to oversee smooth transfer of assets and operations to Kenya Railways,\u201d the paper reports. Qalaa Holdings confirmed the news, but <\/strong>issued a statement<\/strong><\/a> saying the entire investment in RVR is already amortized<\/strong> and that losing the concession will have no impact on the company\u2019s consolidated financial results (watch, runtime<\/a> 00:51). The company\u2019s shares rallied in trading on Tuesday and Wednesday<\/strong> as investors welcomed the news, with one trader telling us the verdict was \u201cexpected\u201d and eliminates uncertainty on the stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kenya Railways has terminated Rift Valley Railways (RVR)\u2019s 25-year contract to run the Kenya-Uganda railway, Business Daily reports. RVR is controlled by investment company Qalaa Holdings. Kenya\u2019s High Court ruled that \u201cthe concession agreement dated January 23, 2006 be and is hereby terminated today July 31,2017\u201d following a dispute over the failure of RVR to […]<\/p>\n","protected":false},"author":1,"featured_media":641990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-641989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f5190f0b-e698-4863-a185-404f37ef23ee","order":"0","is_powered_by":true,"section_story_id":"c2f9570b-5d75-4c75-bf58-883b2e1e57ba","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/8\/1105.png","photo_position":"above","related_issue":[641981],"teaser":"","voice_url":""},"yoast_head":"\nQalaa\u2019s RVR\u2019s contract to run Kenya-Uganda railway terminated, court orders - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/03\/qalaas-rvrs-contract-to-run-kenya-uganda-railway-terminated-court-orders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa\u2019s RVR\u2019s contract to run Kenya-Uganda railway terminated, court orders\" \/>\n<meta property=\"og:description\" content=\"Kenya Railways has terminated Rift Valley Railways (RVR)\u2019s 25-year contract to run the Kenya-Uganda railway, Business Daily reports. 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The validity of the termination notice was the subject of the ongoing suit before court, Qalaa reportedly said in a statement on Wednesday. \u201cShould a valid termination notice be issued, RVR shall\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648686,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/rvr-concession-agreement-termination-gets-stay-until-19-may-qh\/","url_meta":{"origin":641989,"position":1},"title":"RVR concession agreement termination gets stay until 19 May -QH","author":"enterpriseam admin","date":"9 April 2017","format":false,"excerpt":"Qalaa Holdings-owned Rift Valley Railways (RVR) said it obtained a court decision forcing a stay on the decision to terminate its concession rights to a court date of 19 May 2017, an EGX statement read. Qalaa Holdings says RVR is already classified as a non-cur\u00adrent asset held for sale and\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652375,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/08\/qalaa-confirms-preliminary-talks-to-sell-rvr-says-nothing-is-concluded\/","url_meta":{"origin":641989,"position":2},"title":"Qalaa confirms preliminary talks to sell RVR, says nothing is concluded","author":"enterpriseam admin","date":"8 January 2017","format":false,"excerpt":"M&A UPDATE- Qalaa confirms it is in talks to sell RVR. Qalaa Holdings confirmed on Thursday \u201cthat preliminary negotiations are ongoing with several prospective local and international investors for the sale of its stake in Rift Valley Railways (RVR), the national railway of Kenya and Uganda. No official agreement or\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652054,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/27\/qalaas-rvr-sale-faces-headwinds\/","url_meta":{"origin":641989,"position":3},"title":"Qalaa\u2019s RVR sale faces headwinds","author":"enterpriseam admin","date":"27 February 2017","format":false,"excerpt":"Qalaa Holdings reportedly has global bidders for its Rift Valley Railways (RVR) asset in Kenya and Uganda, including \u201cAmerica\u2019s Emerging Capital Markets and South Africa\u2019s giant logistics firm Transnet,\u201d Kenya\u2019s The Standard reports, but could face headwinds as the Kenyan government has made it clear that it will not compensate\u2026","rel":"","context":"In "ON YOUR WAY OUT"","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652293,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/05\/qh-to-sell-100-of-rvr-sources\/","url_meta":{"origin":641989,"position":4},"title":"QH to sell 100% of RVR -sources","author":"enterpriseam admin","date":"5 January 2017","format":false,"excerpt":"Qalaa selling its stake in RVR? Qalaa Holdings is reportedly looking to sell most or all of its stake in Ugandan-Kenyan venture Rift Valley Railways (RVR), Al Borsa says, citing unnamed officials. Rift Valley Railways has the exclusive right to run the Kenyan and Ugandan national railway for 25 years.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624318,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/","url_meta":{"origin":641989,"position":5},"title":"Qalaa in talks to increase stake in ERC through capital increase","author":"enterpriseam admin","date":"5 September 2018","format":false,"excerpt":"** #6 Qalaa Holdings is in talks to increase its stake in the Egyptian Refining Company (ERC) through a capital increase, Managing Director Hisham El Khazindar said yesterday. The refinery is now 98% complete and is expected to be a major driver of revenue expansion starting next year. El Khazindar\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/641989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=641989"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/641989\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/641981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/641990"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=641989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=641989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=641989"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=641989"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=641989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}