Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Trans Century now eyes NSE

NAIROBI, Kenya Mar 28 – Investment firm Trans-Century intends to list at the Nairobi Stock Exchange by the end of June this year.

Trans-Century will be going to the bourse by way of introduction – meaning – it will list its shares for trading as opposed to raising capital through sale of shares in the primary market.

“It is a listing by introduction and subject to regulatory approval we expect to conclude by the end of the first half,” Tran-Century Chief Executive Officer Gachao Kiuna said on Monday.

Mr Kiuna said the firm had already appointed a team of transactional advisers to expedite the listing. 

Dyer & Blair has been appointed as the investment bank for the listing while KPMG will serve as the financial advisers. Kaplan and Stratton will be the legal advisers for the transaction.

Among the companies under the firm’s portfolio, include East African Cables, Rift Valley Railways (RVR), Tanelec limited in Tanzania, Kewberg Cables (South Africa), Chai Bora (Tanzania) and Avery East Africa.

From the initial Sh25 million when it started out, Trans-Century has grown its assets under management to Sh11.2 billion.

Mr Kiuna however said the listing could take longer as the Capital Markets Authority has already received five other applications from firms intending to list at the bourse.

Though the decision to list will be timely for Trans-Century, analysts said the company will have to make more disclosures of the companies in which it has a stake in, if it wishes to win investor confidence.

Advertisement. Scroll to continue reading.

Mr Kiuna was speaking while releasing the company’s 2010 financial results, where net income doubled to Sh468 million from Sh234.5 million a year earlier.

During the period under review, revenues grew by 25 percent to Sh6.8 billion.

The growth in profitability was partly driven by positive results from its power infrastructure division contributing Sh5.5 billion in revenues. There was however a slight dip in earnings before interest and tax at Sh368 million following an impairment loss from its EA Cables Tanzanian subsidiary related to write offs to do with bad debts.

Its specialized engineering division contributed Sh411 million in revenues for the investment firm while the consumer division raked in Sh915 million.

According to the CEO, Trans-Century would focus on power infrastructure development to grow the business.

“Power demand in Africa still outstrips supply. This one area we see immense potential and we will diversify our product range,” Mr Kiuna said.

One area the investment firm is considering is power generation within the region. It also has plans to venture into power station construction.

Follow the author at https://twitter.com/MjKaranja
 

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...