Cable Experts Limited (CEL) has offered to acquire a 68.37 percent stake in beleaguered East African Cables, saying it will clear the firm’s bank loans that pushed it into administration.
CEL has offered to buy the stake held by Cable Holdings Limited, a subsidiary of TransCentury Limited, the parent company of East African Cables (EA Cables), which is also under receivership.
The investor, which says it has experience in the cable business, plans to revive EA Cables and repay the Sh1.94 billion debt owed to Equity Bank Kenya that led to the company being placed under administration and its shares suspended from trading on the Nairobi Securities Exchange (NSE).
‘Cable Experts Limited (CEL), a company incorporated in Kenya, has on May 19, 2026 entered into a share purchase agreement for the acquisition of the entire 68.37 percent stake in East African Cables Plc (under administration) held by Cable Holdings Limited, a wholly owned subsidiary of TransCentury Plc (in receivership),’ CEL said in a public notice.
‘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,’ the company added.
EA Cables was placed under receivership in June last year by Equity Bank Kenya after defaulting on a loan and failing to honour a demand notice issued in June 2023.
Its shares were suspended from trading on the NSE immediately after the lender took control.
CEL, which is seeking exemption from making a mandatory offer for the remaining 31.63 percent stake, said it would pursue the resumption of trading in the company’s shares.
‘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 company said.
The transaction requires approval from the Capital Markets Authority (CMA) and the Competition Authority of Kenya.
At the time trading was suspended, East African Cables shares were trading at Sh1.71, valuing the company at Sh432.8 million. At that price, the 68.37 percent stake, which is equivalent to 173,071,149 shares, is worth about Sh295.9 million.
CEL said it does not own any shares in East African Cables and is not acting in concert with any shareholder in the company.