TransCentury has cancelled an extraordinary general meeting(ERM) that was meant to discuss the proposed delisting of the firm from the Nairobi Securities Exchange(NSE).
In a notice to shareholders, the firm said the virtual meeting scheduled for Thursday, 30th July 2020 at 10.00 am, has been cancelled.
Incidentally, this date is the deadline set out by the Capital Markets Authority(CMA) for TransCentury to publish its 2019 year-end results.
This extraordinary meeting has since been postponed indefinitely. The firm informed its shareholders that it has commenced a process that may change its listing status.
Shareholders and all regulators must give approval before the delisting is finalized.
At the closing of trading yesterday, the price of TransCentury shares at the Nairobi Securities Exchange(NSE) fell by 4.69% from KSh 1.92 to KSh 1.83.
All the issued ordinary shares of the company comprising 375,202,766 shares of par value Sh0.50 each, will be delisted from the Alternative Investment Market segment of the Nairobi bourse.
TransCentury is engaged in power, transport, infrastructure and engineering industries across Africa.
The Group’s subsidiaries include East African Cables, Civicon Ltd, AEA Limited, Tanelec Limited in Arusha, Tanzania and South African-based Kewberg Cables and Braids.