During the TC Extraordinary General Meeting held on March 16, 94.7 per cent of votes cast approved the resolution.

The approval will enable shareholders with existing shareholder loans to follow their rights by converting these loans to equity, in addition to using cash.

“Conversion of shareholder loans together with cash raised from the Rights Offer will support our fund raise and debt reduction efforts, which were major objectives of the Rights Issue,” TransCentury Group Chairman, Shaka Kariuki.

“In addition, the reduced debt will strengthen the balance sheet and position the business favourably for funding to support in executing the existing orderbook,” added Shaka.

The TC Rights Issue reopened on March 20, 2023, and will close on March 31, 2023, as per the published timetable.

The results will be announced on April 7, 2023.

The reopened offer is available to all TC shareholders who are in the shareholder register by March 17, 2023, and to shareholders who had participated in the offer that closed on February 3, 2023, and are interested in applying for additional new shares.