Trans-Century Limited has announced its financial year results for the year ending 31st December 2017 recording a drop in revenue by 31 percent.
According to a financial statement sent to newsrooms by the firm, the loss after tax has been reduced by 64 percent to 864 million shillings from a loss of 2.4 billion shillings witnessed at the same period in 2015.
The company has attributed the loss to a temporary limitation in accessing of credit lines from their financiers for the greater part of the year 2016 as a result of perceived uncertainty in the resolution of the Eurobond which matured in March 2016.
According to the statements, the Engineering Division of the firm registered a 47 percent drop in revenue but managed to contract its order book in excess of 12 billion shillings.
The Group reached an agreement with Kuramo Capital Management, an African-focused investment manager, to inject 2 billion shillings of fresh equity into the business. On 3 April 2017, the Group completed the transaction resulting in Kuramo Africa Opportunity Kenyan Vehicle Ltd. acquiring a 24.99 percent shareholding in TCL by allotment of 93,776,173 new ordinary shares of the Company and preference shares in TC Mauritius.