The Nairobi Securities Exchange (NSE) has indefinitely suspended the trading of TransCentury PLC and East African Cables PLC, following the formal resumption of receivership and administration proceedings against the two companies.
The trading halt, which took effect before markets opened today, was prompted by the official assumption of control by PricewaterhouseCoopers (PwC), acting as joint receivers and administrators of the companies. The suspension is intended to protect investors as the firms undergo financial restructuring.
TransCentury Placed Under Receivership
PwC’s Muniu Thoithi and George Weru have resumed their roles as joint receivers and managers of TransCentury PLC, after a 90-day court extension granted in March 2025 expired on June 19.
The receivership was originally initiated on June 16, 2023, by Equity Bank Kenya Limited, a key creditor of the infrastructure investment firm.
Under Kenyan insolvency law, the appointment means TransCentury’s board of directors has been stripped of the authority to manage or transact on behalf of the company.
All operational and financial matters now fall under the control of the appointed receivers, who will oversee the company’s assets and affairs. Unauthorized dealings with the company’s assets may attract legal penalties.
East African Cables Enters Administration
East African Cables PLC, a subsidiary of TransCentury, has similarly been placed under administration, with PwC’s Thoithi and Weru acting as joint administrators.
The administrators also resumed duties on June 19 following the lapse of a court-ordered extension.
Administration is aimed at rescuing the financially distressed company or maximizing value for its creditors, often as a preferred alternative to liquidation.
With the new status in place, EAC’s directors have also lost their powers to act on behalf of the company. The administrators are currently engaging key stakeholders as they assess possible recovery pathways.
Both appointments were triggered by Equity Bank, indicating continued efforts by the lender to recover outstanding debt from the struggling infrastructure group.
