Kigali, August 19th, 2021:
Following an article published in "Taarifa” – (Rwanda online news platform) and the allegations therein, Omnihydro Limited ("Omnihydro”) wishes to make it clear that all its actions are made in accordance with the laws of Rwanda.
A court case was lodged by Refad Group AG, one of Omnihydro shareholders. We are currently awaiting a court hearing on the matter which has been delayed. The court case pertains to the challenge of some corporate decisions in relation to share capital increase. We need to highlight that all shareholders were made aware of the increase in share capital. The directors representing all shareholders were duly present at the board meetings authorising the increase of the share capital, and such action was approved by the shareholder(s) of Omnihydro in accordance with its Articles of Association and the law governing companies. All shareholders were given the opportunity to subscribe for the new shares in proportion to their existing shareholding.
This case has nothing to do with operational matters. This can be supported by the fact that the urgent application for interim measures filed by REFAD Group AG was rejected by the Commercial Court. In the meantime, Omnihydro continues to meet the very strict construction and operation schedules that have been set by the authorities. Despite the challenges posed by the Covid-19 pandemic, it is worth noting that Omnihydro is currently employing 25 people on a permanent basis as well as 400 temporary workers for the construction work. It expects to finalise construction and begin full operation by December 2021.
Omnihydro does not intend to delve much into this matter as per the communiqué issued by the Rwanda Development Board on May 25th, 2021. Omnihydro has full faith in the Rwandan justice system and choose to respect the judicial process and await the outcome to avoid undue influence on the independent adjudication of the case, especially through the media.
About Omnihydro Omnihydro, has very strong social and community engagements and continues to support the people of Nyamagabe. Omnihydro has rebuilt, at its own expense, a government road that collapsed after the torrential rains in May 2019. After the collapse of a bridge located very close to the power station, Omnihydro built a new bridge connecting the sectors of Kibumbwe and Kibirizi, which considerably made it easier for inhabitants to go to health centres and students to access school more quickly. Omnihydro is implementing a program for the reforestation of Nyamagabe around the project.
Media Contact For further inquiry reach out to: Jean Marie Richard Imagine Communication Email : zanmari@imagine.intnet.mu