TransCentury Plans to Raise Ksh 2.063 bn to Refinance Debt
TransCentury PLC plans to raise about Ksh2.063 billion by issuing 1,876,013,830 new ordinary shares at KSh1.10 per share.
Proceeds of the rights issue will be used to settle debts owed to creditors, repay part of the holding company debt owed to lenders, and unlock additional working capital financing for the Group and its subsidiary businesses.
In addition, it will use the funds to undertake audits and publish its financial statements for the year ended December 31, 2021.
The move follows a green light from the Capital Markets Authority (CMA).
The regulator said the Rights Issue will be on the basis of five (5) new shares for every one (1) ordinary share held by the shareholder.
“The Authority’s approval of the rights issue was contingent on TransCentury Plc meeting several conditions, among them, publication of financial statements for the year ended December 31, 2020, as well as availing for inspection by shareholders Management Accounts for the year ended December 31, 2021,” CMA stated.
TransCentury PLC operates three divisions across 14 East, Central, and Southern African countries. TCL’s operating divisions include; Power Infrastructure, Infrastructure Projects, and Engineering.