Capital Markets Authority Allows TransCentury to Delay FY 2019 Results

TransCentury PLC  has received its shareholder's approval to increase the share capital of the Company from KSh 600 Million into one billion two hundred million (1,200,000,000) ordinary shares of KSh 0.50 each.

TransCentury PLC has been given additional time to publish its 2019 full-year report by the Capital Markets Authority (CMA).

The infrastructure firm was to publish its results no later than 30 September 2020. However, CMA says it has to do so by December 30, 2020.

In a statement released on Saturday, TransCentury said it had negotiated with, and received approval from the CMA to file and publish its results by year-end.

The troubled firm, says its fundraising and currently negotiating a transaction that will boost its liquidity as outlined in its Ahidi 2018-2022 strategy plan. The plan’s objective is to deliver consistent, sustainable, attractive returns to the shareholders, through transformative and innovative investments, and in return attract the right investment opportunity, capital, partners, and talent.

“This transaction remains our priority as a critical step towards achieving the turnaround plan and the negotiations are at the tail despite being delayed by disruptions brought by the Covis-19 pandemic,” said Virginia  Ndunge, the Company Secretary on behalf of the Board.

The firm also said it has ‘made tremendous progress’ in implementing its business restructure aimed at positioning it to raise and deploy capital towards the execution of commercial opportunities. 

“The restructure is at its final state with the focus being the conclusion of an ongoing significant restructure in one of the subsidiaries.”

TransCentury PLC operates three divisions across 14 countries in East, Central, and Southern Africa. TCL operating divisions include; Power Infrastructure, Infrastructure Projects, and Engineering.