The government of Rwanda, through its development agency-(RDB) has provisionally privatized the Rwanda printing and publishing Company, selling off 70 percent (worth over Rwf1.9billion) of its shares to Multi-Dimensional Print International (MDPI).
The printer has been printing government owned local Kinyarwanda and French dailies, Imvaho Nshya and La nouvelle Rélève, and other local newspapers. Government will retain 30 percent of its shares as part of its strategy to divest from business.
The provisional handover and signing of the MOU was presided over by Naphtal Kazoora, RDB’s Acting Head of Assets and Business Management and Kenyan investor, Jay K. Shah (MDPI) at the Private sector offices in Gikondo on Thursday, February 20, 2014.
Naphtal Kazoora said that privatizing the web printer is aimed at adding value and increasing efficiency in the management of the government asset, adding that the expertise of MDPI is one of the key areas that government seeks to see in the development of the project.
While Jay K. Shah, stated that partnering with the government of Rwanda has been a smooth process which the company has received full support and cooperation that has encouraged the investing group to seal the deal.
“We are aware that media is a delicate sector that needs careful planning and strategy, but with the progress in Rwanda, we expect to move both the printing and media industry to the next level” Shah said.
He said that the company will invest over $6Million in the project in the next five years and as a private operator, MDPI will ensure quality of services for end users to get more value of the money.
In this regard, Shah said that he also targets to cut down on the trend of Rwandan media houses outsourcing for printing services in other East African countries.
“This is one of our main objectives- to ensure that no more outsourcing is done, and that is why we are investing heavily in this project” he said.