TransCentury Limited (NSE: TCL) has announced that it has cut its commercial bank debt by 40%. A company update says the reduced debt service has allowed the redirection of the cash to production. Efforts to cut its debt are part of the company’s 4-step turn around strategy which entails delivering a robust and fundable order book, debt reprofiling to match cashflows, fundraising and order book execution.
TransCentury Company Secretary Virginia Ndunge says the Group also reprofiled 90% of its debt, pushing debt tenure to between 5 to 10years, ploughing back the cash relief to operations.
The company is also negotiating for a fundraising transaction that will boost its liquidity. Additionally, Transcentury is in the final stage of discussions to restructure one of its subsidiaries.
TransCentury to Publish FY2019, H1 2020 results by December 31.
The listed firm will delay publishing 2019 full-year results as well as interim results for 2020 H1 following the fundraising transaction, and the ongoing restructuring. The company secretary says the processes impacted its audit and therefore the release of its results.
Nevertheless, the results will be published by December 31 in line with an extension request approved by the Capital Markets Authority.
“…the Company has applied for, and obtained approval from the Capital Markets Authority (“CMA”) for the extension to file and publish its FY2019 results and the H1-2020 results by 31st December 2020,”
TransCentury Company Secretary Virginia Ndunge
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