Tanganda Tea Company Limited is addressing its cash flow deficit of approximately US$6.36 million by raising US$8 million through a Renounceable Rights Offer. The company will issue 263,821,324 new ordinary shares at a subscription price of US$0.0303 per share, representing a 10% discount to the 30-day volume weighted average traded price.
The rights offer period will run from February 24, 2026, to March 17, 2026, with a record date of February 23, 2026. The funds raised will be used to finance working capital requirements, fund critical capital expenditure, and settle debts. Specifically, the company plans to use the funds for procurement of packaging materials, payment of salaries, replacement of the water bottling plant, and grid-tie of solar plants.
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Book NowThe Rights Offer is fully underwritten by Rutanhi Beverages, a subsidiary of Innscor Africa Limited, which could potentially increase its ownership stake in Tanganda. Shareholders have the option to accept the offer, sell their rights, or renounce them.
