East African Cables Plc (In Administration) will not publish its audited financial statements for the year ended 31 December 2025 by the statutory deadline, the company disclosed on 29 April 2026, citing an active investor negotiation it says could determine the manufacturer's survival.
- •The notice, signed by Company Secretary Virginia Ndunge on behalf of the board, commits to publishing the accounts no later than 31 October 2026, a 10-month extension beyond the year-end close.
- •The delay is attributed to the ongoing administration process and what the company described as "discussions with a potential investor" aimed at addressing its debt structure and restoring financial viability.
- •PwC joint administrators George Weru and Muniu Thoithi have been running a formal investor solicitation since July 2025, inviting financial and strategic buyers to recapitalise the business, refinance its debts, or acquire its assets outright.
The administration was triggered by Equity Bank, which placed East African Cables under administration in June 2025 to recover a KSh 2.2 billion debt that had been in default since 2023. Parent company TransCentury, which carries a separate KSh 2.8 billion Equity Bank obligation, was simultaneously placed under receivership. Both companies have been suspended from trading at the Nairobi Securities Exchange since 24 June 2025, locking out minority shareholders for nearly 11 months.
The underlying business has shown signs of stabilization. For the half year ended June 2025, operating profit rose 55% to KSh 84 million and cash generated from operations improved to KSh 338 million. Net losses narrowed to KSh 190 million from KSh 275 million in the same period of 2024. Finance costs, however, remain the dominant drag, climbing 15% to KSh 261 million in the same period as the debt load continues to compound.
The creditors' first formal meeting was held on 19 August 2025, where administrators circulated their Statement of Proposals. The April 2026 notice does not identify the potential investor or disclose terms, and the company has made no filing to the NSE given the trading suspension.
A successful transaction would need to clear Equity Bank's combined KSh 5 billion claim across EAC and TransCentury before any value accrues to equity holders.
