Share this
TransCentury Group Plc (TC) has commenced trading on its new ordinary shares from the recently concluded rights issue on the Nairobi Securities Exchange (NSE), which began on April 26th, 2023.
The rights issue generated Kshs. 828,108,110.50 from the sale of 752,825,555 new ordinary shares. This new capital injection will facilitate the reduction of debt, thus unlocking additional working capital for TC’s subsidiary businesses.
TC shareholders were given the opportunity to take up the 1,876, 013,830 new ordinary shares on offer at the price of Kshs 1.10 per share. Shareholders were entitled to five (5) new shares for every one (1) existing share held as of 13th December 2022.
TC Chairman, Shaka Kariuki, expressed his confidence in the successful completion of the rights issue, “We express our gratitude to our investors for their confidence in our business, as evidenced by their investment in the recently concluded rights issue.”
“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,” he added.
Geoffrey Odundo, NSE Chief Executive, commented on the successful completion of TC’s rights issue, saying “The successful completion of TransCentury Group’s rights issue is a testament to the confidence investors have in the company’s growth prospects and in the market. ”
“This injection of new capital demonstrates the NSE’s continued position as a leading platform for raising capital and provides a strong signal of the resilience and dynamism of the Kenyan capital markets,” he adds.
With this new capital injection, TransCentury Group is poised to enhance its position as a leading Infrastructure investment partner in Africa, and with the successful completion of the rights issue and the commencement of trading in the new shares, the company is set to achieve its growth objectives.
