Infrastructure development firm TransCentury #ticker:TCL has sunk into a negative capital of Sh112 million in the year ended December after deep losses wiped out its assets, pushing the company into an emergency fundraising.
The capital depletion means shareholders will not get a cent if the company was to be liquidated today to pay off creditors. Equity Bank #ticker:EQTY is one of the largest lenders to the company, according to the firm’s most recent disclosures.
