TransCentury renegotiates Sh5bn loans after default
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Nairobi, Jan. 24 -- Investment firm TransCentury engaged its main shareholder Kuramo Capital and other lenders including Equity Bank to restructure loans worth Sh5.2 billion after defaulting on the initial terms of the debt.
The company has disclosed details of the debt restructuring in an information memorandum published in connection with its rights issue that seeks to raise Sh2 billion.
"A shareholder of the company, Kuramo.agreed to subordinate all shareholder loans and signed amended terms for shareholder loans amounting to Sh1.9 billion on April 22, 2022, to extend the maturity of the loans to December 31, 2022," TransCentury said.
"On September 2, 2022, the shareholder extended the subordination to September 30, 2023."
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