By East African Cables Plc, the Nairobi-listed cable manufacturer under administration, said on Monday it would delay publication of its interim results for the six months to June 30 until no later than October 31, citing an ongoing administration process and a share purchase transaction.
Company Secretary Virginia Ndunge said in a statement that the delay was caused by “the on-going administration process and share purchase transaction which has just been completed,” adding that the deal was aimed at addressing East African Cables’ debt structure and improving its financial viability.
“The Board and Management regret the delayed financial reporting timelines but wishes to assure the public that the interim results shall be published not later than 31st October 2026,” the statement said.
East African Cables, one of Kenya’s oldest cable and conductor manufacturers, has been under administration since 2023, when lender Equity Bank moved to recover debt owed by the company and its parent, TransCentury Plc.
Trading in shares of both companies has been suspended on the Nairobi Securities Exchange pending resolution of the process.
The reporting delay follows a share purchase agreement signed on May 19 under which Cable Experts Limited, a Kenyan company, agreed to acquire a 68.37% stake in East African Cables from Cable Holdings (Kenya) Limited, a subsidiary of TransCentury, according to a public announcement issued by Cable Experts.
The stake, comprising 173,071,149 ordinary shares of 0.50 Kenyan shillings each, is being sold by TransCentury’s court-appointed joint receivers, the announcement said.
TransCentury has been in receivership since Equity Bank called in the loan, and East African Cables’ administration is being overseen by joint administrators Muniu Thoithi and George Weru of PricewaterhouseCoopers Kenya.
Cable Experts said the transaction includes the retirement of East African Cables’ existing secured bank debt and is structured as a rescue acquisition intended to allow the company to continue as a going concern.
The company said it does not intend to make a mandatory takeover offer to East African Cables’ minority shareholders and has applied to the Capital Markets Authority for an exemption from that requirement under Kenya’s takeover regulations.
Cable Experts said in the announcement that its shareholders have experience in the cables trading business and that the company is committed to continued investment in East African Cables, including maintaining and expanding its local workforce. It said it aims to restore the company’s standing as a cable manufacturer in the region.
The deal remains subject to approval or exemption from the Capital Markets Authority and merger clearance from the Competition Authority of Kenya, Cable Experts said.
Further announcements are expected once the Capital Markets Authority rules on the exemption application, once the Competition Authority issues its merger decision, and upon completion of the transaction and the resulting change of control.
Trading in East African Cables and TransCentury shares is expected to remain suspended through completion of the deal, after which the companies said they would work with the exchange and regulator on an orderly resumption of trading and the termination of the administration process.
TripleOKlaw Advocates is acting as legal adviser to Cable Experts on the transaction, while KCB Investment Bank is serving as financial adviser, according to the announcement.
East African Cables, incorporated in Kenya and listed on the Nairobi Securities Exchange, has for decades supplied power cables and conductors to utilities and contractors across East and Central Africa.
Its parent, TransCentury, built a portfolio of industrial investments in the region after acquiring a controlling stake in the cable maker in 2004.
The company’s troubles deepened after Equity Bank moved against TransCentury over debt totalling roughly 4.8 billion Kenyan shillings owed by the parent company and East African Cables combined, according to earlier company disclosures.
East African Cables was placed under administration under Kenya’s Insolvency Act, 2015, while TransCentury was later placed under full receivership.
East African Cables’ most recent published results, for the six months to June 2025, showed a net loss of 190.2 million shillings on revenue of 1.23 billion shillings, an improvement from the prior year, according to a filing on the African Financials data platform.
