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1
Investors Prospectus (IP) August 2014 v1
Green Business Hub Rwanda
Content
Summary 1
Introduction 3
Investment Options and Yields 5
Private Placement Program (PPP) 6
Entering the Private Placement Program 7
The PPP scenario 9
Risk 12
Abbreviations 13
Attachment 14
Pre-investment opportunity
Co-investment at BU level
Summary
We, Erasmus Investment International S.A. (Erasmus) enable business expansion and
development of sustainable (food) projects. For the preparation of the investment program in
Rwanda, Erasmus works with the Rwanda Chamber Foundation (RCF). Investments in Rwanda will be
done by a SPV in Rwanda, the Green Business Hub Rwanda (GBHR) with Erasmus as the majority
shareholder.
The Green Business Hub Rwanda (GBHR) program (status August 2014):
Area Development & Construction $ 920 M
Agriculture & Livestock $ 624 M
Sustainable energy & water-management $ 552 M ($ 372 M depending one spec. project)
Logistics & equipment $ 50 M
Education and training $ 50 M
The total investment is US$ 2.2 Billion. The program will help Rwanda to realize the strategic
development plan EDPRS II. The program will create about 66,000 direct jobs. All assets will stay in
the country, managed after a training period by the local private sector and institutions.
Separated business plan and factsheets per business case available.
The PPP program for project funding.
Erasmus has access to a trading system that is used worldwide to finance large-scale
projects. This so called Private Placement Programs (PPP) generates cash by specialized,
discreetly operated Trading Programs. The program starts with a Trader (Trading Platform)
and an Investor partnering under a contract. This contract allows the Trader to “show” the
2
Investor’s money to legally buy newly issued bank paper and sell it at a higher value.
The advantage of the program is that the investor’s funds are never touched, because the
only way the Trader will buy new paper is when he has a second buyer ready to take it
from him immediately at a higher price. A Trader is strictly regulated about the kind of
investments he can initiate. He cannot buy an instrument without demonstrated
marketability and he is restricted from buying “Wholesale”.
The Trader for the projects of Erasmus Investment is only supplying money for sustainable
projects that assist business expansion and development of commercial, humanitarian,
charitable and non-profit projects.
This is an interesting proposition for an investor who is willing to reserve funds in excess
of € 100 Mln for a certain period of time, but no longer than 13 months on his own bank
account, and wants to finance for one year projects which meets the objectives of Erasmus.
Investment options and yields
We are looking for an investor that can assign at least US$ 150 Mln to enable the Private
Placement Program (PPP) for project funding in Rwanda, as will be explained in a separated business
plan.
The yield of the investment depends on the selected investment option or combination of options:
(1)
Long-term investment (5+ years): Becoming a shareholder:
The investor assigns at least $ 150 Mln to the GBHR project.
The PPP will be run as described in a separated letter.
After 12 months the PPP will stop (or rollover) and the assigned funds can be converted to
a maximum of 20% shareholding in the GBHR entity.
During the realization of the GBHR project, the first production will start, depending the project, in
06 - 18 months after the start of the PPP.
Generated profits from the operations, when choosing to be a shareholder of the project,
will be partly returned to the shareholders as dividend, partly used as reservation for further
investments, and partly used for financing of the non-profit activities, enabling the total investment.
Based on the profitability projections and the (discounted value of the) investment of US$ 150
Mln, the 25-year average return on the investment will be about 10% per annum.
(2)
Short-term investment (13 months): Being a financier
The investor assigns at least US$ 150 Mln to a triple A Bank (might be his own bank).
The PPP will be run as described in a separated letter;
After 12 months the trade will stop (or rollover)
After 13 months (12+1) the assigned funds of the investor are freely disposable again and
the investor will receive US$ 150 Mln as return.
3
(1) + (2)
Combination of options 1 and 2: Hybrid investment (based on 50% of each option)
The investor assigns at least US$ 150 Mln
The PPP will be run as described in a separated letter;
After 12 months the PPP will stop (or rollover) and the assigned funds will be converted to
a 10% shareholding in the Macedonian Operating entity, representing a donation of US$ 75
Mln.
After 13 months (12+1) the assigned funds of the investor are freely disposable again. In
this scenario it is calculated that US$ 75 Mln was released and a US$ 75 Mln yield was paid to
the investor by offsetting the payment of the yield and the share conversion.
During the realization of the GBHR project, the first production will start, depending the project, in
06 - 18 months after the start of the PPP.
Generated profits from the operations, when choosing to be a shareholder of the project,
will be partly returned to the shareholders as dividend, partly used as reservation for further
investments, and partly used for financing of the non-profit activities, enabling the total investment.
Based on the profitability projections and the (discounted value of the) investment of
US$ 150 Mln and conversion of US$ 75 Mln into 10% share holding, the 25-year average return
on the investment will be about 12% per annum.
Pre-investments and co-investments.
There are in addition to the investment / financing opportunity as described in this IP, two other
opportunities to be a co-investor in GBHR projects. More information in the attachment.
Introduction
Erasmus Investment International (Erasmus) enables business expansion and development
of commercial, humanitarian, charitable and non-profit (public interest) projects: viable and
sustainable projects that promote economic growth and long-term employment, or that
otherwise provide aid to the society or improve quality of life.
Erasmus was founded in 2012, dedicated to the Food Hub Macedonia, and to consolidate the long-
term cooperation between the best experts in agricultural business development, construction,
logistics and sustainable energy. Our experts have more than 20 year experience in business
development in Northern Europe, Spain, Italy, the Balkans, England, Germany, the Middle East and
China in an investment range from €5 Mln - €800 Mln.
For the preparation of the investment program in Rwanda, Erasmus started working with the
Rwanda Chamber Foundation (RCF). Investments in Rwanda will be done by a SPV in Rwanda, the
Green Business Hub Rwanda (GBHR) with Erasmus as the majority shareholder.
4
The Green Business Hub Rwanda (GBHR) program (status August 2014):
(1) Area Development & Construction ($ 920 M)
a. Dwelling Units $ 430 M
b. Infrastructure & utilities $ 300 M
c. Factories related to construction industry $ 90 M
d. Additional investments $ 100 M
(2) Agriculture & Livestock $ 624 M
a. Staple crops incl. irrigation $ 285 M
b. Horticulture $ 111 M
c. Factories food processing, enabling factories (package) $ 152 M
d. Slaughtering & meat processing $ 5.5 M
e. Poultry Industry $ 18 M
f. Fish Farming & Fish feed factory $ 52.5 M
(3) Sustainable energy & water-management $ 552 M ($ 372 M)
a. Biomass to electric Power (58 MWe). $ 195 M
b. Biomass to biogas 125 ton gas in bottles. $ 9 M
c. Solar PV energy (20 MWe). $ 55 M
d. Hydro Power (7 MWe). $ 19 M
e. Mini-Grid $ 50 M
f. Infra $ 4 M
g. OPTION: methane to Power (50 MWe). $ 170 M
h. 300 km GRID (power transition lines) $ 50 M
(4) Logistics & equipment $ 50 M
(5) Education and training $ 50 M
The total investment is US$ 2.2 Billion. The program will help Rwanda to realize the strategic
development plan EDPRS II. The program will create about 66,000 direct jobs. All assets will stay in
the country, managed after a training period by the local private sector and institutions.
The management will implement a CSR policy for its personnel including health and
safety issues, environmental and food safety, dealing with corruption and a corporate social
involvement initiative. The company will encourage the establishment of an employee
committee in order to discuss ideas for improvement of the company. For all staff hired it will
be clear that no corruption will be accepted as well as any theft or otherwise misuse
of company’s property at any level. Fair incomes will be paid.
The GBHR project will offer an appropriate health and life insurance and pension system
with better conditions than the standard conditions in Rwanda. In the FEED phase of
the project a dedicated retirement-savings plan will be developed.
5
Investment Options and Yields
Erasmus has access to a Private Placement Program (PPP) conditioned to the Investment
in and realization of the GBHR project. Revenues generated by using this program, must benefit the
Project for at least 90%. Generating these revenues can commence when the PPP is started on behalf
of an investor who is willing to assign bank instruments to the project, at least US$ 150 Mln for 13
months. The funds are not moved to another account and full control remains only with the investor.
After 13 months, the investor can obtain a maximum of 20% of the project shares or receives a yield
of 80-100% of the allocated funds or can opt for a combination of shares and yield.
The purpose of this type of PPP trading is not to generate tremendous revenues but to
finance qualified projects.
The investor will assign at least US$ 150 Mln and has the following options as return:
(1)
Long-term investment (5+ years): Becoming a shareholder:
The investor assigns at least $ 150 Mln to the GBHR project.
The PPP will be run as described in a separated letter.
After 12 months the PPP will stop (or rollover) and the assigned funds can be converted to
a maximum of 20% shareholding in the GBHR entity.
During the realization of the GBHR project, the first production will start, depending the project, in
06 - 18 months after the start of the PPP.
Generated profits from the operations, when choosing to be a shareholder of the project,
will be partly returned to the shareholders as dividend, partly used as reservation for further
investments, and partly used for financing of the non-profit activities, enabling the total investment.
Based on the profitability projections and the (discounted value of the) investment of US$ 150
Mln, the 25-year average return on the investment will be about 10% per annum.
(2)
Short-term investment (13 months): Being a financier
The investor assigns at least US$ 150 Mln to a triple A Bank (might be his own bank).
The PPP will be run as described in a separated letter;
After 12 months the trade will stop (or rollover)
After 13 months (12+1) the assigned funds of the investor are freely disposable again and
the investor will receive US$ 150 Mln as return.
(1) + (2)
Combination of options 1 and 2: Hybrid investment (based on 50% of each option)
The investor assigns at least US$ 150 Mln
The PPP will be run as described in a separated letter;
After 12 months the PPP will stop (or rollover) and the assigned funds will be converted to
a 10% shareholding in the Macedonian Operating entity, representing a donation of US$ 75
Mln.
6
After 13 months (12+1) the assigned funds of the investor are freely disposable again. In
this scenario it is calculated that US$ 75 Mln was released and a US$ 75 Mln yield was paid to
the investor by offsetting the payment of the yield and the share conversion.
Private Placement Program (PPP)
Private Placement Programs create funds by trading discounted Bank Issued Debt
Instruments. The funds are created because these debt instruments are deferred payment
obligations, or liabilities issued at discounted prices by major world banks.
The trading process is safe because the Debt Instruments are bought and sold immediately
with pre-defined prices and pre-defined payment deadlines. Exit-buyers are mostly large
financial institutions, insurance companies, or extremely wealthy individuals. The investors’
funds will not be used for the PPP transactions, however it is reserved as a so-called
compensating balance against a Credit Line. As the trading is done on pre-defined
conditions, the Credit Line will not be used but it must be available to back up the buy-sell
transactions.
We like to invite you to participate in this dedicated PPP to develop a unique opportunity in
Rwanda. The purpose of this Investment Prospectus is (after signing an NDA) to inform
you in more detail of this investment opportunity, and to explain the project and the benefits
of the investment in more depth in a personal meeting.
Proof of Funds
First step is for the investor is to provide a Proof of Funds (PoF). This needs to be either an
Account statement, Custodial Account Statement or Tear Sheet. The PoF must be signed by 2
bank officers and a letter from the account signatory authorizing confirmation of said assets.
Upon initial confirmation of the PoF the Trading Platform will provide all the documents necessary
for entry. Erasmus will present a Joint Venture Agreement to the investor to secure the link with the
GBHR project. The Joint Venture will refer to an Irrevocable Pay Order (IPO) that will be the
agreement for the allocation of the trade revenues.
To prevent money laundering and terrorist financing, a detailed verification of the investor
and signatories of the JVA is required, before entering the PPP. Politically exposed persons
must also be identified.
RWA and assignment.
For entrance into transaction the investor will need to provide a bank readiness letter (RWA)
issued from by the investors bank to the investor stating that the bank will obey the client’s
order to issue an assignment of assets by MT760 from his bank and to retransmit said assignment
via his bank European correspondent, to the coordinates to be provided by the
investor. The transaction requires the assignment of the assets confirmed by MT760 assignment,
7
NOT THE TRANSFER OF THE ASSETS.
Assignment of assets will be for 6 to 12 months depending on the amount. In the case of the GBHR
project it is a 12 month assignment. The assets can be any of the following formats a Bank Guarantee
(BG), Medium Term Notes (MTN’s), Bank Draft, Certificate of Deposit (CD) or Cash. If the investor’
assets are cash based, it is advisable that he purchase a one year CD from his bank and use it as the
asset for the transaction.
This will assure the client and the Trading Platform that the assets will remain at the client’s
bank for the duration of the transaction. This process is at the investors’ discretion and peace
of mind if he wants to convert to a CD.
The assigning bank must be an AA (A of +) rated western bank. If the client’s bank is not
rated accordingly they must use their A-rated correspondent. The correspondent bank must
forward the assignment on behalf of the investor’s bank and stand behind the value of the
assignment.
Entering the Private Placement Program
After initial confirmation of the assets and prior to entry into the Private Placement Program,
a personal confirmation will be conducted at the bank. This will require the presence of the
asset owner or its assignee, the bank officer and the independent confirmation agent. At this
bank meeting the agent will physically confirm the willingness of the correspondent bank
officer and verbally confirm his readiness to proceed. The agent will also execute a telephone
call with the compliance officer of the platform and repeat the confirmation process between
the bank officer and the platform.
Once confirmation is completed, on or before 3 hrs., the investor will receive the final trade
contract for signature and execution. This will contain all the details of the transacting bank
for the issuance of the MT760 assignment. The investor’s bank can issue a pre-advice
confirmation MT799, if it wishes to, and confirm the platform and transaction with the
transacting bank.
The Confirmation Agent will remain until the MT760 is executed and he personally receives
from the bank officer a copy of the MT760 SWIFT executed, for immediate confirmation to the
Trading Platform.
IF THE ASSETS ARE PROVEN TO BE FALSE IN ANY WAY, THE TRADING PLATFORM WILL IMMEDIATELY
SUBMIT THE INVESTOR’S INFORMATION TO INTERPOL, THE FRAUDE SQUAD AT THE COUNTRY OF
RESIDENCE OF THE INVESTOR, THE FRAUD SQUAD AT THE COUNTRY OF RESIDENCE OF THE BANK
AND THE BANK HEAD OFFICE. ERASMUS IS DEALING WITH A REAL PLATFORM AND WE TAKE THE
BUSINESS VERY SERIOUSLY. IF THE INVESTOR IS NOT SURE OF HIS ASSETS AND HAS NOT GONE TO
THE BANK TO CHECK THEM PERSONALLY WE ADVICE TO DO SO BEFORE PROCEEDING.
Confirmation by the Trading Platform.
48 hours after receipt and confirmation of the MT760 assignment to the transacting bank,
8
the investor will have a choice of having available to him 1% of the MT760 assignment
issuance in cash for transfer to his designated coordinates.
The Trading Platform will provide a credit line of 80% of face value of the MT760 assignment
and that will be the initial trade amount. The investor will receive 50% gross per week of the
credit line amount with a 40% net to the investor and 10% to the Trading Platform.
The PPP system only works with a genuine project like the GBHR project and as such the
progress of the investment will be audited a minimum of 3 time per year by a well-reputed
auditing firm which is assigned by the Trading Platform.
Summarizing:
Step 1
The investor will provide a Proof of Funds (PoF). This can be any of the following;
a copy of the CD, bank statement, a tear sheet, or bank letter of readiness and provide
a copy of passport, Client Information Sheet and a Letter of Authorization (See Appendix)
Step 2
After initial verification is completed, the investor will need to provide the supporting
documentation for the Private Placement Program. This will include but not be limited to
the Project Summary, History of Funds, Corporate registration documents, Non-solicitation
Letter, an Irrevocable Fee Protection Agreement (IFPA) of 10% for the Trading
Platform and a letter with the receiving bank coordinates for the revenue payments.
Step 3
Verification at the investor’s bank: On or before 4hr. after bank personal confirmation, the
investor will receive the PPP contract for signature and execution. Upon signing of the PPP
contract the investor will order his bank to start the process of issuing the MT799 pre-advice
of the MT760.
Upon receipt of answer of the MT799 from the transacting bank that they are ready to receive
Mt760, the investor’s bank will issue the MT760. A copy of the Mt760 will be provided to the
confirmation agent for his record and to inform the Trading Platform of the execution. The
receiving bank will confirm the receipt of the MT760 to the investor’s bank.
The PPP trading will commence on the Monday following the week of confirmation. The
reimbursement or payment to the investor will be executed on Fridays.
9
Exit-buyers are mostly large financial institutions, insurance companies, or extremely wealthy
individuals. There are always intermediates between the trader and the exit buyer, so the issued
instruments are never sold directly to the exit-buyer.
The investors’ funds will never be used for the PPP transactions, because it is reserved as a
so-called compensating balance against a Credit Line. This Credit line is used as collateral
for the bought debt. Because the trading is done on pre- defined conditions, the Credit Line
doesn’t have to be used but it must be available to back up the buy-sell transactions.
The purpose of this type PPP trading is not to generate tremendous yields but to finance
projects.
The PPP scenario
Step 1
The Trader ‘s Bank, the issuing bank and the Bank of the ‘Exit Buyer ‘ agree on starting a series of
buy-sell transactions. The agreement provides that MTN’s are purchased from the Issuing Bank at a
reduced price and sold to an ‘Exit Buyer’ for face value.
Step 2
10
The Bank of the ‘Exit Buyer ‘ sends a PoF to the Trader’s Bank for the amount of the initial Private
Placement Programs create funds by trading discounted Bank Issued Debt Instruments. The funds are
created because these debt instruments are deferred payment obligations, or liabilities issued at
discounted prices by major world banks. This program is a private market restricted to so-called
Commitment Holders who have contractual agreements with banks to buy a limited number of fresh-
cut debt instruments at a reduced the issuing bank within 8 hours and the instructions for sending
the MTN to the Exit Buyer ‘s Bank.
Step 3
50% of the revenues from the Buy-Sell program is used for filling up the IPO, as agreed
between the trader en het Joint Venture of Erasmus and the investor. Erasmus has to use the
revenues to pre-fill budgeted ESCROW accounts for the purpose of the GBHR project.
Step 4
Erasmus can decide to do a rollover of the Buy-Sell Program when additional funding
of the GBHR project or other projects if necessary.
Assumptions Private Placement Program.
In this example below the investor assigns €100 Mln to the Food Hub Project in Macedonia (FHM).
When his account is at an AA (A or +) rated bank, a 100% Credit Line will be possible. The total period
of the PPP is 56 weeks, of which 52 are used for actual trading. The costs of issuing the MT760 are
fixed at 1.5% of the investment. The margin between the face value of the MTN and the actual
purchase price of the MTN’s is 3%. The total commission fees for intermediates and finders
are set at 3% of the investment amount.
Step 1
The first step is the issuing of the investment, in this case € 100 Mln to the FHM project to
create a total required fund level of €1.7 Bln.
11
Step 2
The trader’s bank sends an invoice of 97%, € 97 Mln of the face value of the fresh issued
MTN’s to the Exit Buyer to be paid within 4 hours and receives an invoice from the issuing
bank of face value to b paid within 8 hours.
Step 3
The revenues of the Buy-Sell program are € 100 Mln minus € 97 Mln is € 3 Mln per
transaction. A bank commission of 0.25% reduces the revenues. This makes a revenue
of € 2.99 Mln per transaction.
Step 4
The trade is repeated 4 times a week and 4 times a day. The total revenue in a week will
therefore be 16* €2.99 Mln makes €47.88 Mln. 50% of the revenues are returned to the
trading bank which leaves €23.9 Mln to be paid tot the account of the Joint Venture or to
separate accounts of Erasmus, the Investor, the trader and other beneficiaries. The account
of the investor will be completed to the agreed amount of yield. The trader is this example
will be rewarded with 0.25% = €59.7 K per week.
Weeks Total Yield FEED & Running Costs explanation
Cash Flow from the trade
From the start of the Trade, the ESCROW accounts will be filled up according to predetermined
budgets. We projected to start the realization of the project directly when the funds
are deposited. This is the start of the so-called Front End Engineering and Design (FEED)
phase. Because the total project has to be finished within 3 years.
12
Risk
DISCLAIMER
This Invite to Invest Memorandum (IP) has been complied by Erasmus Investment
International (Company) and is provided solely for use by recipients in considering their
interest in investing in the Green Business Hub Rwanda project.
Recipients should conduct their own investigation and analysis of the Company and of
the information contained in the IM and are advised to seek their own professional
advice on legal, financial taxation and other consequences of acquiring ownership or
other legal rights in the company.
Neither the Company, nor affiliated partnerships, or bodies incorporate, nor the
directors, shareholders, managers, agents and advisors of any of them, make
representation or warranty, express, or implied as to the accuracy, reasonableness,
or completeness of the information contained in the IP. All such parties and entities
13
expressly disclaim any and all liability for, or based on the relating to any such
information contained in, or errors in or omission form the IP or based on or relating
to the recipients of the IP.
The IP includes certain statements, budget and projections with respect to the
anticipated future performance of the GBHR project and as to the market for the
Company’s services. Such statements, budget and projections reflect various
assumptions made by the Company or the GBHR project concerning anticipated results,
which assumptions may or may not prove to be correct. No representation is made
as to the accuracy of such statements, budget and projections.
The Company reserves the right to negotiate, with one or more prospective investors
at any time and to enter into a definitive agreement with respect to one or more
transactions without prior notice to any other recipient of the IP or any other
prospective investor.
The company reserves the right to terminate, at any time, further participation
without attributing any reason therefore.
Abbreviations
BG Bank Guarantee
BLC Bank Letter of Confirmation
Bln Billion
BU Business Unit
CAPEX Capital Expenditure
CD Cash Deposit
CSR Corporate Social Responsibility
EDPRS II Economic Development and Poverty Reduction Strategy 2013-2018
EFTA European Free Trade Association
EPC Engineering, Procurement and Construction
FEED Frontend Engineering and Design
FHM Food Hub Macedonia
GBHR Green Business Hub Rwanda
IFPA Irrevocable Fee Protection Agreement
IP Investment Prospectus
IPO Irrevocable Pay Order
JVA Joint Venture Agreement
Mln Million
MTN Medium Term Note (Mid Term Note)
NDA Non Disclosure Agreement
PoF Proof of Funds
PPP Private Placement Program
PWC Price Waterhouse Coopers
14
RWA Ready, Willing and Able
SPV Special Purpose Vehicle
Additional information
For additional information on Erasmus and the Green Business Hub Rwanda, we refer to the
Websites:
www.erasmus-group.com ; www.foodhubmacedonia.com ; www.rwandachamber.org
Attachment
Pre-investment opportunity
Erasmus offers investors and contractors a unique pre-investment opportunity that underlines the
commitment from parties to the GBHR project.
In Rwanda Erasmus will create a SPV, GBHR Holding company being the project owner after
successful funding. One third of the shares of GBHR are available for co- investors. The commitment
between the Parties will be documented in a Memorandum of Understanding and a Share
Agreement. For co- investors or companies, a standard provision of this agreements is that the co-
investor makes US$ 1 million available for pre-financing the GBHR program or GBHR will acquire an
Expert Company of the investor or contractor at a pre-agreed price. The contractor or investor
acquires 10% of shares in GBHR at a purchase price of US$ 1,000,000. What will be for GBHR an over
$ 1.5 Billion project in assets.
Why is the leverage so high?
That is the case for some reasons:
1. If the co-investor steps in before the trade & financial engineering process has ended, he earns the leverage as a pre-investor. GBHR uses that money as a pre-finance for all partners involved doing their work in engineering and preparations of projects. After funding we start the FEED phase (Front End Engineering Development), not losing time for our suppliers & partners. There is always a small risk that there are delays or other problems during the funding process. The co-investor might lose part of his money because the financing is still not guaranteed.
2. If the program ends up with about $ 2B investment in Rwanda depending the final results of the FEED phase, there will be at least $ 1.5 B assets on the balance sheet at Holding level. The remaining part of the total investment is used for execution the program, non-profit expenses, and paying back pre-investments done by the parties involved in preparation the program. The returns in dividend are based on a ROI on assets.
3. GBHR is not after maximizing the profit. GBHR uses dividend partly for re-investments in the projects / companies, for project costs and the humanitarian non-profit side program.
15
Example: Suppose at GBHR Holding level, we maximize the ROI for the co-investor at net 5%. The 5%
from a normal Bank for the original $ 1,000.000 is $ 50,000 / year.
But if you have 10% of the shares in the Holding:
The 5% of $1.5 B is $ 75 M. 70% is for GBHR, $ 52,500,000 and will be used for project costs,
Erasmus Investment costs, and financing the humanitarian side program, and re-
investments year after year.
With co- investor’s 10% it is 1/3 of $ 22,500,000 is $ 7,500.000 before dividend tax (in
Rwanda max. 15%). A very good ROI indeed, even if you must pay double dividend tax in your
country. But the first one or two years there is no 5% net dividend.
4. You get 10 % of the shares in the Holding but shares will have and keep a nominal value. You cannot make a profit with the shares. If you decide to sell you shares after some time you must sell them to EII at nominal value again (statutory).
Co-investment at BU level
Co-investors at business unit level (investment in a specific projects under GBHR) might take a share
at company level, business units / Ltd. under one of the Divisions under GBHR.
That investment is done into real estate or a construction factory or agriculture, greenhouses, agro-
processing plants, poultry, fish farming, silk production, production of fertilizers, an economic zone,
the logistic center or in energy. On request we send you an overview of projects you might be
interested in. We have about 45 separated projects.
Also there is a leverage between 5 – 10 times the total amount invested if the co-investor assigns
before trading has started, and depending the timing of the investment and the %% of the total
Capex in equity in that project. After funding co-investors can buy shares at nominal value.