Kigali, Rwanda: The Rwanda Social Security Board (RSSB) has taken full ownership of Inyange Industries Ltd and Ruliba Clays Ltd after acquiring the remaining shares previously held by Crystal Ventures Limited (CVL), strengthening its position to support the two companies’ next phase of growth.
The transaction brings RSSB’s ownership in both companies to 100 percent. Previously, RSSB held a 40 percent stake in Inyange Industries and 50 percent in Ruliba Clays.
According to RSSB, the acquisition reflects its confidence in the strong fundamentals and long-term growth potential of both businesses. Furthermore, the move supports the institution’s mandate to protect and grow members’ funds through investments capable of generating sustainable, risk-adjusted returns.
Meanwhile, Inyange Industries continues to build on its strong market position, supported by solid business performance and growth. Similarly, Ruliba Clays is entering an important new phase following the completion of its second manufacturing plant.
Notably, the new plant has doubled Ruliba Clays’ initial production capacity, strengthening the company’s ability to respond to growing demand in Rwanda and regional markets.
With full ownership secured, RSSB said it can provide greater support to both businesses as they pursue their next stage of development. Going forward, the focus will include stronger governance, operational excellence, disciplined capital allocation, regional expansion and sustainable profitability.
In addition, RSSB plans to explore strategic partnerships and appropriate capital-market opportunities over time. These may include bringing in institutional investors or pursuing public listings where such opportunities can create additional long-term value for RSSB members.
RSSB has been a long-standing co-investor with CVL in Inyange Industries since 2014 and Ruliba Clays since 2009. Consequently, the latest transaction builds on years of investment in the two companies while supporting CVL’s strategy of divesting from mature businesses that have reached an appropriate scale and stability.
Regis Rugemanshuro, Chief Executive Officer of RSSB, said the move demonstrates the institution’s confidence in the future of the two businesses.
“Moving to full ownership reflects our conviction in the long-term potential of these businesses. 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.”
Beyond strengthening RSSB’s investment portfolio, the continued growth of Inyange Industries and Ruliba Clays is also expected to deliver wider benefits for Rwanda’s economy.
In particular, the expansion of the two companies is expected to strengthen domestic manufacturing, support local value chains, create jobs and enhance the competitiveness of Rwandan products in regional markets.
The acquisition marks a significant step in RSSB’s long-term investment strategy, positioning the two companies for further growth while creating opportunities to generate sustainable value for members and contribute to Rwanda’s industrial development.
RSSB said it remains committed to prudent and active investment management that protects and grows members’ funds while supporting the long-term financial sustainability of the social security schemes under its management.
