Ng’ang’a Njinu has been confirmed as the CEO of TransCentury. Mr Njinu takes over from Gachao Kiuna who resigned in January as the firm moved to restructure its Sh8 billion foreign currency bond.
Before his appointment, Mr. Njinu was the Corporate Finance Director.
“The board is confident that the company has both the leadership and experience to build on its existing strengthens whilst devising new strategies to ensure sustained growth of the business,” the board said in a notice to investors.
Mr Njiunu joined the firm in 2008 rising through the ranks from corporate finance, portfolio management and the new infrastructure department.
The new CEO is credited with restructuring the firm’s debt as well as leading a round of fund raising to recapitalize the business.
This culminated with the injection of Sh2 billion from US private equity fund Kuramo Capital which was brought in as a strategic investor.
Kuramo then converted the capital into equity, acquiring a 25 percent stake in the company, effectively becoming the majority shareholder.