TransCentury shareholders have authorized the firm’s directors to carry out a rights issue for the allotment and issuance of up to 2 billion additional ordinary shares in the Company.
This is subject to any required approvals, including but not limited to the Capital Markets Authority.
TransCentury AGM gives approval to rights issue
During its virtual AGM held on 10th June 2021, shareholders approved that the share capital of the Company is increased from KSh 600 Million into one billion two hundred million (1,200,000,000) ordinary shares of KSh 0.50 each by the creation of an additional two billion ordinary shares of a par value of KSh 0.50 each.
The intention is that the newly authorized shares will be allotted and issued pursuant to a rights issue.
Directors will determine the date when shareholders register will be closed and the price of the additional shares.
The rights issue will be on the basis of 5 new shares for every one ordinary share held, subject to provisions of the Company Act 2015, the firm’s Articles of Association and the CMA regulations.
The Board of Directors have made this announcement of the recommendation of the rights issue, based on the CMA public offers, listing and disclosure) regulations 2002.
TransCentury Plc is listed at the NSE with three operating divisions across 14 countries in East, Central and Southern Africa.
Its operating divisions include Power Infrastructure that Manufactures Electrical Cables, Conductors, Transformers and Switchgear, Infrastructure division that deals with Critical Energy and Transport Infrastructure and the Engineering division that specializes in mechanical engineering and civil engineering transport & logistics and creneage & erection services.