The Rwanda Social Security Board (RSSB) has acquired the remaining shares in Inyange Industries Ltd and Ruliba Clays Ltd from Crystal Ventures Limited (CVL), giving it full ownership of both companies.
Before the transaction, RSSB owned 40 per cent of Inyange Industries and 50 per cent of Ruliba Clays. The acquisition therefore covered the remaining 60 per cent and 50 per cent of the respective companies.
RSSB announced the transaction on Thursday, August 27, 2026, but did not disclose its financial value.
The institution said the acquisition reflects its confidence in the companies’ long-term prospects and supports its mandate to protect and grow members’ funds through investments capable of delivering sustainable returns relative to their risks.
Inyange Industries produces milk and other dairy products, fruit juices and bottled water, while Ruliba Clays manufactures clay construction materials, including bricks, blocks, roofing tiles and floor tiles.
According to RSSB, Inyange Industries has established a strong market position and continues to record solid business performance and growth.
Ruliba Clays is entering another phase of expansion following the completion of its second manufacturing plant. RSSB said the facility has doubled the company’s original production capacity and strengthened its ability to meet growing demand in Rwanda and across the region.
RSSB intends to use its full ownership to support stronger corporate governance, operational efficiency, disciplined capital allocation, regional expansion and sustainable profitability at both companies.
The institution will also consider strategic partnerships and capital-market opportunities as the businesses grow. These could include bringing in institutional investors or listing the companies publicly if such measures can increase their long-term value.
RSSB has invested alongside Crystal Ventures in Inyange Industries since 2014 and in Ruliba Clays since 2009.
It said the transaction is consistent with Crystal Ventures’ strategy of withdrawing from mature businesses after they have attained an appropriate level of growth and stability.
RSSB Chief Executive Officer Regis Rugemanshuro said the decision demonstrated the institution’s confidence in the two companies.
“Moving to full ownership reflects our conviction in the long-term potential of these businesses,” Rugemanshuro said.
He said RSSB wants to help develop stronger, more competitive and profitable companies capable of expanding beyond their current markets, attracting strategic partners and generating sustainable returns for members.
Rugemanshuro added that RSSB would remain disciplined when pursuing opportunities intended to increase the companies’ value over time.
RSSB expects the continued expansion of Inyange Industries and Ruliba Clays to support Rwanda’s industrial development by strengthening domestic manufacturing and local value chains, creating employment and improving the competitiveness of Rwandan products in regional markets.
The institution said it remains committed to managing its investments prudently to protect and grow members’ funds while supporting the long-term financial sustainability of the social security schemes under its management.
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