TransCentury PLC shareholders have approved the conversion of shareholder loans as a mode of payment for rights in the reopened TC Rights Offer.
According to TransCentury Extraordinary General Meeting held on March 16, 2023, the resolution received approval from 94.7% of the votes.
As a result, this will allow shareholders who hold current shareholder loans to exercise their rights by converting those loans to equity and utilising cash.
“Conversion of shareholder loans and cash raised from the Rights Offer will support us in fundraising, and debt reduction efforts, which were major objectives of the Rights Issue,” TransCentury Group Chairman Shaka Kariuki said.
“In addition, the reduced debt will strengthen the balance sheet and position the business favourably for funding to support executing the existing order book.”
According to the published schedule, the TC Rights Issue will commence on March 20, 2023, and conclude on March 31, 2023. The outcome will be disclosed on April 7, 2023.
All TC shareholders listed on the shareholder register by March 17, 2023, as well as shareholders who participated in the offer that ended on February 3, 2023, and wish to apply for more new shares, are eligible to participate in the reopened offer.
TransCentury PLC is an Investment Holding Company headquartered in Kenya, focusing on Infrastructure, specifically the Energy, Transport, Water, Industrial, and Agriculture sectors.
TC is listed on the Nairobi Securities Exchange (NSE) and has investments across East, Central and Southern Africa.
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