Crystal Ventures staff to lose jobs
By ALEX NGARAMBE Rwanda Today
Posted Saturday, February 8 2014 at 12:12
CVL, which has an estimated value of $500 million, is owned by the
ruling Rwanda Patriotic Front (RPF). It has spread its tentacles in
various sectors – such as construction, furniture, beverage, security
and manufacturing – and employs thousands of Rwandans.
Rwanda's biggest local investment company, Crystal Ventures Ltd (CVL),
will lay off more than 100 employees as it overhauls its businesses to
increase efficiency.
While several companies under CVL have struggled to make profits,
others have closed shop choking with heavy losses.
Rwanda Today has learnt that CVL's management has been forced to close
its subsidiary, Graphic Printing Solutions (GPS), because of
inefficiency, rendering over 30 employees jobless.
"The management's decision to close GPS was taken because it was
inefficient and made losses while there were local private companies
that were doing a good job," Elias Bayingana, the chief executive
officer of CVL, said.
CVL, which has an estimated value of $500 million, is owned by the
ruling Rwanda Patriotic Front (RPF). It has spread its tentacles in
various sectors – such as construction, furniture, beverage, security
and manufacturing – and employs thousands of Rwandans.
Other CVL firms have been forced to restructure in an effort to cut
the cost of operations, which have been higher than profits. They
include furniture makers Mutara Enterprise, where 150-200 staff have
lost their jobs, and construction firm NPD-Cotraco.
The management has however allayed fears by employees in other
companies that the restructuring will affect them.
READ: Crystal Ventures in management shake-up
The company is also selling most of its stake in major businesses to
improve efficiency and profitability.
Talks are ongoing between Inyange Industries, Rwanda's leading food
processing company that is 100 per cent owned by CVL, and Brookside
Dairy (K) Ltd to sell a 51 per cent controlling stake to the Kenyan
firm in a bid to expand operations into the East African region.
http://www.theeastafrican.co.ke/Rwanda/Business/Crystal-Ventures-staff-to-lose-jobs-/-/1433224/2197626/-/val1ylz/-/index.html
--
SIBOMANA Jean Bosco
Google+: https://plus.google.com/110493390983174363421/posts
YouTube Channel: http://www.youtube.com/playlist?list=PL9B4024D0AE764F3D
http://www.youtube.com/user/sibomanaxyz999
***Online Time:15H30-20H30, heure de Montréal.***Fuseau horaire
domestique: heure normale de la côte Est des Etats-Unis et Canada
(GMT-05:00)***
| Reply via web post | Reply to sender | Reply to group | Start a New Topic | Messages in this topic (1) |
.To post a message: RwandaLibre@yahoogroups.com; .To join: RwandaLibre-subscribe@yahoogroups.com; .To unsubscribe from this group,send an email to:
RwandaLibre-unsubscribe@yahoogroups.com
_____________________________________________________
More news: http://amakurunamateka.blogspot.co.uk/; http://ikangurambaga.blogspot.co.uk/
--------------------------------------------------------------------------
No comments:
Post a Comment