TransCentury of Kenya to Issue New Shares to Repay Debt, Daily Nation Says

TransCentury Ltd. of Kenya plans to issue an additional 7 million shares valued at 280 million shillings ($3 million) to reduce its debt, the Daily Nation reported, citing a statement by the company.

The value of TransCentury’s shares, which were listed on the Nairobi Stock Exchange on July 14, may be diluted by the additional stock, which is meant to clear part of a convertible bond issued by TransCentury Mauritius Holdings, a unit of the company, the Nairobi-based newspaper said.

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