{"id":431811,"date":"2011-05-28T17:19:03","date_gmt":"2011-05-28T17:19:03","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/28\/transcentury-closes-register-ahead-of-shares-listing-at-nse\/"},"modified":"2011-05-28T17:19:03","modified_gmt":"2011-05-28T17:19:03","slug":"transcentury-closes-register-ahead-of-shares-listing-at-nse","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/28\/transcentury-closes-register-ahead-of-shares-listing-at-nse\/","title":{"rendered":"Transcentury Closes Register Ahead of Shares Listing at NSE"},"content":{"rendered":"
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Business Daily<\/a> (Nairobi)<\/p>\n

Geoffrey Irungu<\/p>\n

27 May 2011<\/p>\n

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TransCentury will not admit new shareholders from Friday next week when it closes its register in readiness for listing at the Nairobi Stock Exchange.<\/p>\n

The listing through introduction – which does not involve raising money from the public as only existing shares are floated – is expected to be concluded in five weeks, paying the way for investors to buy shares in the investments firm in the secondary market.<\/p>\n

“Thereafter, the trading of shares in TransCentury will reopen when the company begins to trade formally in the Nairobi Stock Exchange subject to receiving regulatory approvals,” said transaction adviser Dyer & Blair in a report.<\/p>\n

Transfer of shares<\/strong><\/p>\n

The closure of the register is meant to allow for the transfer of shares to the electronic registry maintained by the Central Depository and Settlement Corporation (CDSC).<\/p>\n

The memorandum for the listing is currently being reviewed by the Capital Markets Authority (CMA).<\/p>\n

The share is currently trading at a high of Sh45 in the over-the-counter (OTC) market with demand rising as the listing approaches.<\/p>\n

The company recently acquired 80 per cent of Pende Electrical, based in the copper-belt region of Zambi, a through its Tanzania subsidiary Tanelec Ltd.<\/p>\n

“Our plan is to invest in infrastructure across the region with focus on mines, engineering and Transport,” said TransCentury CEO Gachau Kiuna.<\/p>\n

The listing is intended to help the company’s 300 shareholders discover the value of their investments and to open it to a broader array of owner interests, especially from long-term institutional investors. The company was put on the OTC market in April 2009 at Sh50 a share.<\/p>\n

However, the lack of liquidity in the largely opaque OTC market has depressed the value of the share to between Sh40 and Sh45.<\/p>\n

“The company is worth no less than Sh70 a share, perhaps double the current price. Listing should help in discovering a higher price,” said Mr Onesmus Kihara, a dealer at Dyer & Blair Investment bank which has been dealing in the shares.<\/p>\n

The company is seeking to list on the alternative investment market segment (AIMS) which has less rigorous requirements compared to the main investment market segment (MIMS) on the NSE.<\/p>\n

To list on AIMS, the Capital Markets Authority requires that a company must have at least 100 shareholders, with more than a fifth of the shares in the hands of investors who are not employees or relatives of the principle shareholders.<\/p>\n

To be listed on the main investment segment, the firm would have been required to have at least 1,000 shareholders, net assets of Sh100 million and paid-up share capital of Sh50 million. TransCentury would meets the latter two conditions for the segment.<\/p>\n

The company doubled its net profit to Sh468 million in 2010 compared to 2009 while revenue grew by 25 per cent to Sh7 billion.<\/p>\n

After doubling its profit, the company also increased its dividend four times from five cents to 20 cents in 2009 and 2008.<\/p>\n

Earnings per share stood at Sh1.29, showing a conservative dividend policy aimed at tapping into emerging investment opportunities. Mr Kiuna said the company was looking to invest more in the eastern and southern African region.<\/p>\n

In the annual report of the firm for 2010, TransCentury chairman Zephania Mbugua said that he saw more opportunities emerging from the discoveries of natural resources in the Eastern Africa region.<\/p>\n

“The expectations are that a positive outlook will be maintained, with domestic consumption and infrastructure investment, playing a key role in the continued growth. Additionally, the entire region is experiencing positive news from the natural resources sector,” he said.<\/p>\n

<\/p>\n

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View the original here:
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