TransCentury has exited Rift Valley Railways (RVR) after it sold its shareholding in the firm to Citadel Capital of Egypt.

The listed firm sold its 34 per cent stake in RVR to Citadel Capital but it did not indicate the value of the transaction which will result in Citadel’s shareholding increasing to 85 per cent from 51 per cent while Uganda’s Bomi Holdings will hold on to the remaining 15 per cent.

TransCentury decided to sell its investment which had started to pay off after a seven-year wait that has seen shareholding change hands amongst a number of investors.

READ: Will TransCentury jump or be pushed in RVR share deal?

“We have been part of the RVR story for the past seven years and helped steer the company through some very challenging times. RVR is vital to the economies of Kenya and Uganda and TransCentury remains fully in support of the Company. We wish Citadel Capital and the team at RVR all the best as they continue to see through the turnaround of the railway,” said TransCentury chairman Zephaniah Gitau Mbugua in a statement.

TransCentury first invested in RVR in December 2006 when it acquired a 20 per cent stake. This later increased to 34 per cent in May 2010, the same year that also saw Citadel become a shareholder.