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Home Investments

Limping Transcentury Gets Final Approval From CMA For Rights Issue

Editor SharpDaily by Editor SharpDaily
November 16, 2022
in Investments
Reading Time: 2 mins read
Transcentury

[Photo/ Courtesy]

TransCentury Plc has been granted approval by the Capital Markets Authority (CMA) to undertake a rights issue.

A rights issue is an offer given by a company to existing shareholders to buy a  proportional number of additional shares at a given price, within a fixed period. Rights are often transferable and a shareholder may sell them on the open market.

In a statement on Wednesday, November 16, 2022, CMA said that the rights will be issued on the basis of five new ordinary shares for every one existing share as approved in the last shareholder meeting.1,876,013,830 new ordinary shares will be on offer at a  discounted price of Ksh1.10 per share.

The funds raised from the Rights Issue will go towards supporting the last phase of the TransCentury turnaround plan, recapitalizing the business, reducing debt, unlocking working capital for underlying businesses to drive revenues and margin growth and increase shareholder value.

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“TransCentury has made remarkable progress in delivering enormous commercial opportunities,  deleveraging the business, with the focus now being to fundraise to accelerate return to profitability. The Rights issue will also avail funding to complete Group wide  business restructure to simplify the business and materially compress statutory audits and reporting timelines,” CMA said.

“We are happy to have reached this point where we are ready to launch the Rights Issue and offer our shareholders a company that has exhibited tremendous agility and resilience and a company that is well prepared for funding. In  line with this, we recently launched a new strategic plan 2022-2025 and are confident  that the initiatives we have laid out that include refocussing on our core business – Investing for growth will generate significant shareholder value,” Mr Nganga Njiinu, TC Group Chief  Executive Officer. said.

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