TransCentury Ksh.2.1 billion rights issue to open December 29

Investment firm TransCentury is expected to open its rights issue to shareholders on December 29 as it seeks to raise Ksh.2.1 billion from its shareholders.

The offer which runs to January 23, 2023 is expected to see the firm offer five additional shares for every share held at a cost of Ksh.1.10 per share.

At the end of the rights issue, the company is expected to list an additional 1.9 million shares which will be listed on the Nairobi Securities Exchange (NSE) on February 28.

TransCentury is expected to use proceeds from the rights issue to settle debts owed to creditors including lenders and unlock working capital for the Group.

The firms is expected to also use a share of the funds from shareholders to pay for the audit of its financial statements for the year ended December 31, 2021.

Last week, Trans Century received the nod of the Capital Markets Authority (CMA) for a second time giving it the green light to proceed with the rights issue.

The investment firm had previously failed to comply with the regulator’s requirements to undertake the rights issue in May this year.