{"id":84581,"date":"2023-02-21T16:16:12","date_gmt":"2023-02-21T16:16:12","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer"},"modified":"2023-02-21T16:36:03","modified_gmt":"2023-02-21T16:36:03","slug":"transcentury-cleared-to-reopen-sh2-03bn-offer","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer","title":{"rendered":"TransCentury cleared to reopen Sh2.03bn offer"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The Capital Markets Authority (CMA) has approved the reopening of TransCentury Plc’s right issue after it failed to hit a 50 per cent threshold. The issue seeking Sh2.06 billion will be opened from March 20 -30 this year.<\/p>\n

Additional information will be provided in the secondary prospectus to be issued by March 17. This allows the company to seek shareholders\u2019 approval to enable the conversion of shareholder loans to ordinary shares as a mode of payment for rights.<\/p>\n

The firm’s rights issues began on December 29, 2022, after its stock prices at the Nairobi Securities Exchange (NSE) had started to shade off, retailing below its discounted rights issue price offer of Sh1.10 per share.<\/p>\n

The firm had offered 1,876,013,830 new shares. The funds will go towards recapitalising the business, reducing debt, and unlocking working capital for its subsidiaries.<\/p>\n

Late last year, Kuramo Capital put in up to Sh1.1 billion ($10m) in TransCentury\u2019s ongoing rights issue, which increased its stake in the company to over 48 per cent. Initially, it had a 25 percent stake in the listed infrastructure investment firm.<\/p>\n

The firm had given shareholders until January 23, 2023, to purchase the new shares at Sh1.10, and the outcome of the rights issue was scheduled to be announced on February 9. However, on January 24th, the board extended the deadline for the rights issue to February 3.<\/p>\n

“Unfortunately, the rights issue performed below expectations, and as a result, CMA has invoked its powers under Section 14 of the Public Offers and Listings Regulations to allow TransCentury to reopen the issue,” CMA said in a statement. The hope is that more shareholders will take up their rights and raise more capital.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The Capital Markets Authority (CMA) has approved the reopening of TransCentury Plc’s right issue after it failed to hit a 50 per cent threshold. The issue seeking Sh2.06 billion will be opened from March 20 -30 this year. Additional information will be provided in the secondary prospectus to be issued by March […]<\/p>\n","protected":false},"author":84,"featured_media":84579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-84581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nTransCentury cleared to reopen Sh2.03bn offer - kenya<\/title>\n<meta name=\"description\" content=\"The Capital Markets Authority (CMA) has approved the reopening of TransCentury Plc's right issue after it failed to hit ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TransCentury cleared to reopen Sh2.03bn offer\" \/>\n<meta property=\"og:description\" content=\"The Capital Markets Authority (CMA) has approved the reopening of TransCentury Plc's right issue after it failed to hit ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-21T16:16:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-21T16:36:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/02\/postQueueImg_1676983579.04.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"TransCentury cleared to reopen Sh2.03bn offer\",\"datePublished\":\"2023-02-21T16:16:12+00:00\",\"dateModified\":\"2023-02-21T16:36:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer\"},\"wordCount\":289,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/02\/postQueueImg_1676983579.04.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/transcentury-cleared-to-reopen-sh2-03bn-offer\",\"name\":\"TransCentury cleared to reopen Sh2.03bn offer - 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