TransCentury extends Sh2 billion cash call to February 3
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Nairobi, Jan. 24 -- TransCentury Plc has extended the sale of its rights issue, aiming to raise Sh2 billion in new capital that was to close on Monday to February 3, indicating that the take-up may have been below expectation.
The cash call opened on December 29 and was to run until January 23, with the investment firm seeking to recapitalise the business and reduce debt.
"Upon request from some shareholders, the TransCentury Board has considered and agreed to extend the rights issue offer," the company said in a statement on Tuesday.
"The company has received approval from the regulator on the same."
The rights issue is testing investor faith in the company, which holds a negative equity position of Sh9.07 billion on the back of mult...
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