Cable Experts Limited (CEL) is set to acquire a 68.37 percent stake in East African Cables Plc as part of a plan to revive the troubled cable maker and settle its Sh1.94 billion debt to Equity Bank Kenya.
The Competition Authority of Kenya (CAK) has approved the acquisition, paving the way for CEL to take control of the stake held by Cable Holdings Limited, a wholly owned subsidiary of TransCentury Plc.
CEL said it entered into a share purchase agreement in May 2026 for the acquisition of the stake in East African Cables, which is under administration.
‘It is notified for general information that in exercise of the powers conferred upon the Competition Authority of Kenya by Section 46 (6) (a) (ii) of the Competition Act, the Competition Authority of Kenya has authorised the proposed transaction as set out herein,’ the regulator said in an October 2 Gazette notice.
TransCentury Plc is a Nairobi-based investment holding company and is also under receivership.
‘The acquisition constitutes a rescue acquisition that enables East African Cables to continue as a going concern, including through the retirement of its existing secured bank indebtedness,’ CEL said in a previous public notice.
East African Cables has been under administration since June 2025 after Equity Bank took control of the company following a loan default and failure to honour a demand notice issued in June 2023.
The company was incorporated in 1966 and manufactures copper and aluminium electrical cables, house wiring, data and fibre-optic solutions, and other consumer electrical accessories like switches and sockets.
The firm has manufacturing plants in Nairobi, Dar es Salaam, and Eastern DR Congo. After being placed under administration last year, the company’s shares were suspended from trading on the Nairobi Securities Exchange (NSE) as Equity Bank took control.
The CAK did not respond to Business Daily queries on the value of the transaction. At the time trading was suspended, East African Cables shares were trading at Sh1.71, valuing the company at about Sh432.8 million.
At that price, the 68.37 percent stake comprising 173.07 million shares would be worth about Sh295.9 million. CEL, which also makes electrical cables and conductors, plans to revive East African Cables and settle the bank debt that triggered the administration and suspension of its shares.
The investor is also seeking an exemption from making a mandatory offer for the remaining 31.63 percent stake held by other shareholders.CEL said it intends to pursue the resumption of trading in East African Cables shares once the acquisition is completed.
‘CEL has sought CMA’s direction under Regulation 28 of the Take-over Regulations confirming the continuation of the suspension and has proposed an agreed pathway for the orderly resumption of trading following completion,’ the firm said.