TransCentury Breaks Silence on Proposed Acquisition of 68.37% Stake in East African Cables

TransCentury PLC has confirmed that Cable Experts Limited plans to buy a majority stake in East African Cables PLC through a proposed share acquisition deal.

In a notice dated Thursday, May 21, 2026, TransCentury said Cable Experts Limited intends to acquire 68.37% of the issued shares in East African Cables currently owned by Cable Holdings (Kenya) Limited, a subsidiary of TransCentury PLC, which is under receivership.

“The shareholders of TransCentury PLC (In Receivership) are advised that on 19th May 2026, TC was served with a notice of intention by Cable Experts Limited that CEL intends to acquire 68.37% ordinary shares in EAC which are held by Cable Holdings (Kenya) Limited,” the notice stated.

Proposed Share Acquisition by East African Cables

TransCentury explained that once the deal is completed, Cable Experts will own 68.37% of the shares in East African Cables, while the other minority shareholders will continue to hold about 31.63% of the shares.

The company said the acquisition will give Cable Experts effective control of East African Cables, which is currently under administration.

Cable Experts Seeks Exemption

According to the notice, the acquisition automatically triggers Kenya’s takeover regulations because Cable Experts will become the controlling shareholder in the company.

However, Cable Experts said it does not plan to make a mandatory takeover offer to the remaining shareholders of East African Cables.

Instead, the company said it will apply to the Capital Markets Authority (CMA) for an exemption under Regulation 5(1) of the Capital Markets (Take-overs and Mergers) Regulations, 2002.

TransCentury also said the proposed transaction will only be completed after getting approvals from regulators, including the Capital Markets Authority and the Competition Authority of Kenya (CAK).

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Shares Remain Suspended

Once the acquisition is completed, TransCentury, through its subsidiary Cable Holdings (Kenya) Limited, will stop owning shares in East African Cables.

Separate notices issued by the joint administrators of East African Cables and the joint receivers of TransCentury said the shares of both companies remain suspended from trading at the Nairobi Securities Exchange.

Investors and shareholders were advised to exercise caution when dealing in the shares of the two companies, as further announcements regarding the transaction are expected.

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The notice by TransCentury PLC comes a day after Cable Experts Limited announced plans to acquire a 68.37 per cent stake in East African Cables PLC from TransCentury, which is currently under receivership.

The proposed acquisition was announced on Tuesday, May 19, 2026, through a notice issued under the Capital Markets (Take-overs and Mergers) Regulations, 2002.

According to the announcement, Cable Experts signed a Share Purchase Agreement on May 19, 2026, to acquire the entire stake held by Cable Holdings Kenya Limited, a wholly owned subsidiary of TransCentury.

The transaction involves the purchase of 173,071,149 ordinary shares in East African Cables.

East African Cables, which is listed on the Nairobi Securities Exchange, is currently under administration, while TransCentury remains under receivership.

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Capital Markets Authority (CMA) CEO Wyckliffe Shamiah. Photo/ CMA