TransCentury kicks off fundraising plan, declines to release target amount
Engineering company TransCentury Ltd said on Friday it planned a fundraising programme over the next six months after conducting a strategic review.
TransCentury, which was set up in 1997 as an investment club by a group of wealthy Kenyans, mainly focuses on electrical equipment and engineering work.
It reported a pretax loss of 2.11 billion shillings ($20.49 million) in 2014.
The company did not say how much it planned to raise, but did say it aimed to refinance its $56.8 million (Ksh. 5.8 billion) convertible bond.
TransCentury representatives also said they aimed to achieve growth in the company’s power and engineering businesses and boost infrastructure projects across sub-Saharan Africa.
Its infrastructure projects would include independent power generation plants, toll roads and oil pipelines, TransCentury said in a statement.
The fundraising round needs to be approved by shareholders and regulators, the company said.
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