The Capital Markets Authority(CMA) has approved EA Cables’ request to delay the release of their audited financial results for the year ended 31st December 2019.
“The delay has been occasioned by the ongoing discussions with the firm’s lenders to complete the restructuring of its debt,” said the company in a notice to the public.
EA Cables also blames the social distancing rules and restricted working hours for the delay.
The firm says that the audit of the financial statements is ongoing and has assured the public that the results will be published no later than 31st July, 2020.
In January, 2020 SBM Bank (Kenya) Limited filed a petition to liquidate some assets of EA Cables after the company defaulted on a KSh 285 Million loan. However, the two companies resolved the dispute and agreed to restructure the debt.
EA Cables, part of TransCentury Group, is a cable manufacturer, with footprints across East and Central Africa.
It has 4 manufacturing facilities; two in Nairobi, Kenya, one in Dar es Salaam Tanzania and one in Eastern DRC.
In addition, the firm has a presence in Uganda, Rwanda, Burundi, Southern Sudan and Ethiopia, through a distribution network.
In a statement dated 28th January 2020, the EA Cables management told its shareholders that the firm had successfully completed the restructuring of 82% of its debt.
Audited results of EA Cables for the financial year ended 31st December 2018 shows that its net losses declined to KSh 399.7 million from a loss of KSh 454.4 million in 2017.
ALSO READ:
SBM Bank Withdraws EA Cables Liquidation Petition
