TransCentury Board has considered and agreed to extend KES 2 billion rights issue offer meant to close on Monday, January 23rd 2023, to February 3rd 2023. The Company has received approval from the regulator on the same.
The rights issues began on December 29th after the firm’s stock prices at the NSE had started to shade off, retailing below its discounted rights issue price offer of KES 1.10 per share.
This will be applied towards recapitalizing the business, reducing debt, and unlocking working capital for its underlying companies.
Additionally, proceeds from the rights issue will be used to pay down debt held by shareholders such as Kuramo Capital and other creditors, including Equity Bank.
The rights issue was priced at KES 1.1 per unit, slightly lower than the current trading price of KES 1.3 on the Nairobi Securities Exchange (NSE) as of Monday’s close.
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