INVESTMENT company Transcentury has proposed to increase its stake in East African Cable by taking over shares of its partner investor in the cable company.
Transcentury said it wants to acquire the shares of
In return, Transcentury will allocate some shares to Auroes through
"The shareholders of
Transcentury is still the majoarity shareholder in Transcentury and holds 64 per cent of the 68.38 per cent stake (CHK stake) with Aureos holding 4 per cent according to Trancentury chief executive Gachau Kiuna.
In essence, Transcentury wants to acquire the 4 per cent stake it currently doesn't hold in East African Cable. Gachau said at the end, Aureous will take up a 2 per cent stake in Transcentury.
Gachau said he could not divulge more information at this stage becuase of
"In the meantime, shareholders of the company are advised to exercise caution when dealing in the company's shares until further announcements are made," the statement said.
It added that shareholders will shortly be receiving a detailed circular, which will provide a full explanation of the reasons for and the terms of the proposed transaction.
Transcentury said last month it has started private discussions that would result in a new shareholding structure at RVR where it has a 34 per cent stake. Both deals are expected to be completed by
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