TransCentury CEO Gachao Kiuna resigns

The chief executive of investment firm TransCentury Limited Dr Gachao Kiuna on Thursday resigned from the company for undisclosed reasons.

Dr Kiuna’s exit was followed today by the resignation of Mr Joe Karago, a non-executive director of the Nairobi Securities Exchange-listed firm.

TransCentury has appointed Mr Ng’ang’a Njiinu, currently the firm’s head of corporate finance, as the acting chief executive.

“The chairman and the board of directors wish the outgoing directors well in their future endeavours,” TranscCentury’s chairman Zephania Mbugua said in a statement.

The departure of the directors comes at a time when the company has sunk into losses and is facing a debt repayment of Sh8.1 billion on March 25, 2016.

READ: TransCentury mulls over options of retiring Sh8 billion Eurobond debt

The firm made a net loss of Sh676.1 million in the half-year ended June 2015, narrowing the negative earnings from Sh1.6 billion the year before.

Its sales grew five per cent to Sh5.2 billion but expenses –including finance costs— rose by a larger margin.

The firm is betting on public infrastructure projects to grow its earnings by boosting demand for its electrical cables and engineering works.

READ: TransCentury stock down 67pc since 2011 listing