TransCentury Group Plc (TC)’s rights issue commenced trading on Thursday morning at the Nairobi Securities Exchange (NSE). The infrastructure investment firm is seeking to raise Kshs 2.063 billion which will be applied towards recapitalizing the business, reducing debt and unlocking working capital for TC’s underlying businesses.
TC shareholders will have until 23rd January 2023 to take up the 1,876, 013,830 new ordinary shares which are on offer at the price of Kshs 1.10 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 2022.
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.” 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.
TC has made remarkable progress in preparing the business for funding and taking it back to profitability.