The Nairobi Securities Exchange (NSE) has announced the indefinite suspension of trading in shares of TransCentury PLC and East African Cables PLC, following the financial restructuring and management changes at the two companies.
In a public notice released by the NSE, the suspension took effect on 23 June 2025, following the placement of TransCentury PLC under receivership and East African Cables PLC under administration. The move comes in response to mounting financial instability within the firms and is intended to safeguard the interests of investors and maintain market integrity.
Two major Kenyan firms, TransCentury PLC (in Receivership) and East African Cables PLC (in Administration), are now under the full control of PricewaterhouseCoopers (PwC) after the lapse of a 90-day court-ordered extension. The financial restructuring processes, initiated by Equity Bank Kenya Limited, aim to stabilize the companies amid ongoing financial challenges.
TransCentury PLC, a once-prominent infrastructure investment company, and its subsidiary East African Cables, which supplies electrical cables across the region, have faced prolonged financial strain, culminating in formal insolvency processes. The NSE cited the appointment of Messrs. George Weru and Muniu Thoithi of PricewaterhouseCoopers (PwC) as joint receivers and managers of the firms. Their appointment became effective on 20 June 2025.
“The suspension has been issued under Regulation 73(2)(a) of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023,” the NSE said in the statement. “The suspension from trading the companies’ shares will remain in force indefinitely.”
Messrs Muniu Thothi and George Weru, the Joint Receivers and Managers appointed by Equity Bank on 16 June 2023, have officially resumed control of TransCentury PLC (TC PLC) as of 19 June 2025. The Receivers now hold exclusive authority over all company assets and operations. Directors no longer have any legal power to manage the company’s affairs without express written consent from PwC.
Similarly, East African Cables PLC (EAC) is now under administration, with Muniu Thothi and George Weru serving as Joint Administrators. The primary goal is to rescue the company as a going concern or secure a better outcome for creditors than liquidation would provide.
The suspension of trading in these two firms could have a ripple effect across the Kenyan equities market, particularly within the industrial and manufacturing sectors. Investors, shareholders, and the general public have been urged to take note of the changes and are advised to await further guidance from the appointed receivers.
TransCentury shares have historically been volatile, following years of aggressive expansion followed by debt challenges and failed recapitalisation plans. East African Cables, its manufacturing subsidiary, has been adversely affected by both high borrowing costs and reduced demand across East Africa.
“This is a wake-up call for the market. Transparency and timely disclosures are crucial to protect investors,” said Charles Kamau, a Nairobi-based financial analyst. “The NSE’s decision, though drastic, sends a strong message that compliance and financial health cannot be compromised.”
The legal basis for TransCentury PLC suspension is rooted in the updated 2023 Capital Markets Regulations, which provide for such measures in instances of insolvency, fraud, or significant breaches of corporate governance. By invoking Regulation 73(2)(a), the NSE ensures that trading in potentially misleading or unstable securities is halted to protect retail and institutional investors alike.
According to market insiders, both companies failed to meet financial disclosure requirements and were unable to provide a concrete roadmap to restore solvency, thereby triggering the NSE’s intervention.
The NSE has made provisions for stakeholders seeking further information. The public notice directed shareholders and investors to contact the NSE directly through email (info@nse.co.ke) or by telephone.
PwC, which now oversees the management and restructuring of the two companies, is expected to initiate asset reviews, debt negotiations, and possibly liquidation or sale of company assets to meet creditor claims. The future of TransCentury and East African Cables now rests largely in the hands of the joint receivers, who will determine whether the companies can be salvaged, restructured, or dissolved.
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