TransCentury PLC Board of Directors has postponed indefinitely the shareholder’s Extraordinary General Meeting (EGM) that was to be held Thursday.
“This is due to circumstances beyond the control of TC and in view of this the Board has found it necessary to reschedule the EGM and will be issuing a new notice after consulting with all relevant stakeholders,” Virginia Ndunge, Company Secretary said.
The EGM was meant to discuss and vote on the proposed delisting of the firm from the Nairobi Securities Exchange(NSE).
Mr. Shaka Kariuki, TransCentury Chairman in a circular had informed investors that delisting from the NSE was “…a strategic restructuring measure to allow the business access to additional sources of growth capital to capitalize on the great opportunities created in the last 3 years.”
“It is therefore clear that at this juncture the listing status of the Company continues to limit our funding prospects in terms of investment from private investors who focus on unlisted entities due to the nature of their investment policies and models.”
All the issued ordinary shares of the company comprising 375,202,766 shares of par value Ksh 0.50 each shall be delisted from the official list of the Alternative Investment Market Segment of the NSE.
For the delisting to happen, shareholders and all regulators must approve the proposal.
TransCentury PLC operates three divisions across 14 countries in East, Central, and Southern Africa. TCL operating divisions include; Power Infrastructure, Infrastructure Projects, and Engineering.
On Wednesday, the firm’s share price at the bourse declined by 7.65 percent to close at KSh 1.69 per share.