Tanganda Tea Company has received the green light from its shareholders to proceed with a US$8 million renounceable rights offer, aimed at shoring up working capital and funding critical capital expenditure. The Extraordinary General Meeting (EGM) held on February 18, 2026, saw shareholders approve the issuance of 263,921,324 new ordinary shares at a subscription price of US$0.0303 per share.
The rights offer, which is exclusively in United States dollars, will open on February 24, 2026, and close on March 17, 2026. Rutanhi Beverages has been appointed as the underwriter of the rights offer. A special resolution to increase the company’s shares from US$480,000 to US$840,000 was also passed at the EGM.
The funds raised from the rights offer 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.
The implementation matrix is already underway, with the unissued shares post the renounceable offer to be placed under the control of the company’s directors. The directors have been given the authority to allot and issue any such shares as they deem fit, subject to the company’s Articles of Association and the laws of the country.
