× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

TransCentury secures Sh2 billion in capital as bond deadline nears

By Reuters | March 15th 2016

TransCentury Ltd said on Tuesday it had entered an agreement with Kuramo Capital to inject $20 million in fresh capital as the electrical equipment, logistics and engineering firm races to repay an outstanding five-year convertible bond due in 10 days' time.

"This investment by the strategic investor will complement other funding options to settle the outstanding convertible bond and fund infrastructure projects," TransCentury said in a statement, describing Kuramo as an Africa-focused investment manager.

Shares in TransCentury have plunged more than 70 percent in the past year, raising concerns about its ability to repay the $75 million bond that falls due on March 25.

The company in October said it planned a fund-raising programme over the next six months after conducting a strategic review. More information would be offered at a later date, TransCentury said, adding the process was still subject to regulatory and shareholder approval where applicable.

Share this story
Controversy stalks National Oil deals
The controversy surrounding the Sh75 billion in deals that are at the centre of the current storm at the National Oil has deepened.
Dog walking becomes the newest hustle in town
Dog walking is now a status symbol. Owning a pet is cool. I nowadays meet lots of Kenyans and foreigners walking their dogs and some running.