Table
No4.10: Investment portfolio 2008
|
DESCRIPTION
|
2008
|
2007
|
|
Real Estate Kacyiru
|
263 520 000
|
263 520 000
|
|
UCT Building
|
570 893 600
|
565 610 000
|
|
Kacyiru Ex Appartement
|
5 185 221 624
|
5 185 221 624
|
|
Land For Development
|
14 144 784 793
|
4 373 440 628
|
|
Former USA embassy build
|
918 607 400
|
0
|
|
On-going Estates Projects
|
11 431 655 534
|
0
|
|
Mortgage Loans
|
3 733 131 026
|
4 618 759 174
|
|
Equity
|
17 434 551 585
|
15 029 582 398
|
|
Foreign Investment
|
10 903 419 565
|
0
|
|
Fixed deposits
|
2 000 000 000
|
12 424 720 300
|
|
Corporate loan (BRD)
|
2 709 431 374
|
3 638 345 196
|
|
Corporate Bond (BCR)
|
350 000 000
|
0
|
|
Treasury Bonds
|
58 203 306 491
|
64 801 306 491
|
|
Government Bond
|
267 062 500
|
0
|
|
Government debt
|
0
|
2 104 562 962
|
|
Total
|
128 115 585 492
|
113 005 068 773
|
Source: SSFR, Annual report, 2003-2008
In order to have a visible in the economy, SSFR uses the
savings collected to attract other investors, hence initiating very big
projects with huge economic potential that SSFR alone could not undertake. This
is the main strategy SSFR uses to fundamentally contribute to economic growth
and development.
Table No.4.10b SSFR shareholding as
at 31st May 2009
|
Company
|
Company's
Equity
|
N° of
Shares
|
SSFR
Shares
|
Value of
SSFR shares
|
% of SSFR
Holding
|
|
SONARWA
|
4,551,428,571
|
50,000
|
8,125
|
739,607,143
|
16.25%
|
|
B.K
|
5,005,000,000
|
45,500
|
15,313
|
1,648,683,000
|
33.66%
|
|
B.H.R
|
6,431,866,976
|
64,319
|
22,512
|
2,251,153,442
|
35%
|
|
B.R.D
|
7,000,021,000
|
7,000,021
|
1,552,628
|
1,552,628,000
|
22.18%
|
|
RWANDATEL
|
2,420,000,000
|
242,000
|
48,400
|
484,000,000
|
20%
|
|
A G L
|
1,250,000,000
|
1,250,000
|
500,000
|
500,000,000
|
40%
|
|
R E I C
|
1,120,000,000
|
4,000
|
700
|
196,000,000
|
17.5%
|
|
R I G s.a
|
13,850,000,000
|
13,850
|
2,400
|
2,400,000,000
|
17.33%
|
|
ULTIMATE Concept
|
12,000,000,000
|
5,000
|
2,000
|
4,800,000,000
|
40%
|
|
HOSTELS 2020 sarl
|
3,000,000,000
|
300,000
|
120,000
|
1,200,000,000
|
40%
|
|
R.F.TZ
|
11,000,000,000
|
1,100,000
|
164,748
|
1,647,480,000
|
15%
|
|
KIGALI TILES CO
|
50,000,000
|
50,000
|
15,000
|
15,000,000
|
30%
|
|
R.F.I. CO.
|
8,900,000,000
|
|
|
6,675,000,000
|
75%
|
|
SAFARICOM
|
|
|
|
4,228,419,565
|
|
|
RWANDA DISTILLERY
|
7,458,400,000
|
7,458
|
1,492
|
33,376,742
|
20%
|
|
TOTAL
|
28,371,347,892
|
The total value of SSFR
shareholding as at 31st May 2009 is Frw 28.4 bn. The details are shown in table
16 below.
2.7.1 Investment income
As pointed, the fund strives to preserve the real value of
savings and this can only be achieved by putting in place measures to improve
returns on investments and ensure that they are higher than inflation rate. In
2008, net returns on investment amounted to Rwf 7 bn. If the
principal debt repayment is considered, the incomes generated from investments
totals to Rwf 17 bn. The rate of return on investments in
2008 was 6.5%. Table 4 below shows the investment income
realised from the different investment classes.
Because investment earnings are the Fund's most important
funding source for its day to day operations, the Board has set an Investment
policy solely in the interests of Fund stakeholders to ensure the Fund assets
are managed roleively and efficiently in order to provide promised benefits for
the Fund's beneficiaries. The Board believes that the projected pension
benefits can best be met by having the proper long-term asset mix, including
proper diversification as well as prudent management of risks. The Board's
expectations for the Fund will be expressed in the «real rate of
return». The real rate of return is the actual rate of return adjusted for
the roles of inflation. The real rate of return provides the best measure of
the growth in assets relative to Fund liabilities. A real rate of return of 2%
will be used. The Board has adopted the following long-term fixed income/non
fixed income asset mix policy:
· Fixed Income 50%
· Non Fixed Income 50%
The Board has developed this asset mix policy with a long-term
view given its current funding status. A range of plus or minus 5% around the
fixed income/Non Fixed Income split is judged to be reasonable and is not
expected to prejudice the long-term policy mix. Management and the Board
(through its Investment committee) have the discretion to make decisions
respecting the Fund's strategic positioning within these ranges. Management
will notify the Board should the fixed income/non fixed income ranges
be exceeded and develop a rebalancing strategy for the Board
to Investment Department 8 November 2006
consider. To diversify risk and enhance expected returns, the Fund's fixed
income and non fixed income investments will be allocated among the following
major asset classes and maintained within the corresponding ranges as a
percentage of the Fund's market value
|
|
