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D-Day for Century Holdings bosses today

Staff Writer

CENTURY Holdings Ltd (Century) shareholders meet today to debate the decision to raise $2 billion from a Renounceable Rights Offer next month.

face=”Verdana, Arial, Helvetica, sans-serif”>The meeting will be held at the Harare International Conference Centre and begins at 11:00 am.

The financial services group says the money to be raised by the rights issue will be used to finance a branch roll-out programme, investment in information technology systems and provide group working capital. Century company secretary Nick Nyamusa said the rights offer would be of approximately 299 829 950 ordinary shares of a nominal value of 5 cents each in the company’s share capital to existing shareholders at a subscription price of 700 cents each.

The ratio would be of one new ordinary share for every four ordinary shares already held by shareholders at the close of business today.

Century’s profit before taxation for the period ending June 30 increased by 378% to $2,329 billion over the $487 million in June 2002.

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