TransCentury Limited (NSE: TCL) has announced that it will delay publishing its audited financial results for the year ended December 2019. It is the second time this year that it has extended the release of its financial results.
Company secretary Virginia Ndunge says the adjournment is due to delay in completing the audit in its subsidiary. The delays will also affect financial results for 2020.
“TransCentury PLC (the “Company” or “Group”) wishes to inform the public that there will be a further delay in the publishing of the audited financial statements for the year ended December 31st, 2019. This is due to a delay in completing the audit in its subsidiary, which consolidates into Group’s audited financial statements,” said the company secretary.
Earlier, the company announced that it would delay releasing its results following the incomplete audit of East African Cables PLC, currently undergoing debt restructuring with SBM Bank.
Following approval from the Capital Markets Authority, the company will release its results for the year ended December 2019 no later September 30th, 2020. It also plans to release its half-year results by the end of September 2020.
“The Company wishes to assure the public that the audited financial statements shall be published no later than September 30th, 2020,” the public statement reads.
Shareholders of the Transcentury will vote on the company’s plan to delist from the Nairobi Stock Exchange in an extraordinary general meeting.
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