TransCentury Sh2 billion cash call falls short
The plan by infrastructure investment company TransCentury to raise Kes2 billion from a rights issue has fallen short of expectations after the firm realised just Kes828.1 million.
TransCentury, which had banked on the fresh capital to pay off debts and provide working capital, remains bullish of the exercise that saw 752,825,555 new ordinary shares sold.
TC Group Chairman Shaka Kariuki said, “We are cognizant of the current market challenges as the economy
stabilizes after the effects of the pandemic. We thank all investors for their trust in our company.”
The funds from the rights issue will be used to support the final phase of TC’s turnaround plan, recapitalize the business, reduce debt, and unlock working capital for underlying businesses, Mr Kariuki added.
The new shares from the rights issue will start trading at the Nairobi Securities Exchange (NSE) on 26th April 2023, offering investors an opportunity to participate in the company’s growth prospects.
