TNM Plc Secures Shareholder Approval for K30 Billion Recapitalisation

TNM plc has received shareholder approval to raise K30 billion through the issuance of 1.5 billion new shares, primarily targeting major shareholders Press Corporation plc, Old Mutual Life Assurance, and Nico Life Insurance. The move, approved by 99.6% of shareholders, aims to restructure the firm’s balance sheet and eliminate debt, boosting profitability and future dividend prospects. While the method diluted minority shares, stakeholders like Frank Harawa acknowledged its benefits. The shares will be issued at a 7% discount. In 2024, TNM posted a K10.06 billion profit, recovering from a K4.93 billion loss in 2023.