Investments firm TransCentury has announced plans to delist from the Nairobi Securities Exchange (NSE).
According to Company Secretary Virginia Ndunge, delisting from the bourse will be the main agenda in the upcoming Extraordinary General Meeting (EGM).
“In line with ongoing strategic initiatives by the company, all the issued ordinary shares of the company comprising 375,202,766 shares of par value Ksh 0.50 each shall be de-listed from the official list of the Alternative Investment Market Segment of the NSE,” said Ms Ndunge.
The company which is in a financial crisis owns East African Cables Plc and also bought out Civicon, an engineering firm, three years ago. TransCentury also bought a significant stake in the Rift Valley Railways, a consortium that won the contract to manage the railway line from Mombasa to Jinja.
The company started trading at the NSE in 2011, and at some point its shares traded at as high as Ksh60. Today, its share price closed at Ksh1.75, while that of East African Cables Plc closed at Ksh1.95.
Last year, the company announced that it had reduced the group’s debt by Ksh1.65 billion or 44 per cent and offered a 10-year extension to the tenure of remaining debts.
In June, TransCentury said that it would delay releasing its audited financial statements for the year ended 31 December 2019 due to the incomplete audit of the East African Cables Plc.
In the cautionary statement issued today, the company advised shareholders and investors to exercise caution when dealing with the company’s shares
“We are advising shareholders and the investing public that TC has commenced a process that may result in material changes in the company’s listing status,” Ms. Ndunge said
The company was founded by KenGen Managing Director Eddy Njoroge and businessman Jimnah Mbaru.