Regional infrastructure company TransCentury (TC) Group cash call where the firm is seeking Kes2.063 billion from its shareholders started trading on Thursday last week at the Nairobi Securities Exchange (NSE).
The infrastructure investment firm says the new funds will be applied towards recapitalizing the business, cutting debt and unlocking working capital for TC’s business units.
TC shareholders have until 23rd January this year to take up the 1,876,013,830 new ordinary shares which are going for Kes1.10 per share.
The results of the rights issue will be announced on 9th February 2023 and the new shares from the rights issue will be listed to commence trading at the NSE on 28th February.
Commenting on the rights issue, Mr Nganga Njiinu, TC Group Chief Executive Officer, said “Our shareholders taking up their rights will be investing in a company that has strengthened governance structures and exhibited agility and resilience even in the current economic environment. With our recently unveiled strategic plan, we are refocussing on our core business – Investing for growth to take advantage of the enormous opportunities that are presenting themselves in the region.”
Headquartered in Kenya, TC is an Investment Holding Company, with a focus on infrastructure in the energy, transport, water, industrial, and agriculture sectors across East, Central and Southern Africa.
TC Chairman, Shaka Kariuki, said “I would like to encourage fellow shareholders to carefully study the Information Memorandum document availed to them as they make this investment decision. I am confident that the business is entering the growth phase and this recapitalization will give TC the much-needed boost to leverage vast opportunities across the subsidiaries, markets and the sectors we operate in.”
TC shareholders will be entitled to five (5) new shares for every one (1) existing share held as of 13th December 2022.