The Capital Markets Authority, moving to protect investors, has suspended trading in the shares of investment firm TransCentury Limited (TCL) and its subsidiary East African Cables indefinitely. This comes after after the two companies were seized by Equity Bank last week over an unpaid debt of Ksh4.74 billion.

“Notice is hereby given of the suspension in trading of TransCentury PLC and East African Cables PLC shares following the placement of TransCentury PLC under receivership and East African Cables PLC under administration and the appointment of Messrs. George Weru and Muniu Thoithi of PricewaterhouseCoopers Limited as joint receivers and managers effective June 20, 2025,” the CMA said in a statement released through the Nairobi Securities Exchange.

CMA said the suspension has been issued under Regulation 73(2)(a) of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.

“The suspension from trading the company’s shares will remain in force indefinitely, with effect from June 23, 2025,” it said. “All shareholders, investors and the general public are advised to take note of the suspension.”

> Crypto Trading Platform Relaunches in Kenya With New Strategy

Equity Bank placed TransCentury and its subsidiary East African Cables under receivership and administration, respectively, following the lapse of court orders that had temporarily halted the process.

The move reinstates Muniu Thoithi and George Weru of PricewaterhouseCoopers Limited as joint receivers and managers for TransCentury and joint administrators for East African Cables.

Both were initially appointed on June 16, 2023, and resumed their duties on June 19, 2025, after a 90-day extension of court orders expired.

East African Cables, on the other hand, has been placed under administration, a legal process meant to salvage the company or ensure better outcomes for creditors than liquidation.

Both companies are now under the direct control of PwC-appointed officials, with all communication, claims, and transactions to be directed through the respective PwC channels.

The Court of Appeal had, on May 23, dismissed a bid by East African Cables to stop Equity from selling its properties following a Ksh2.2 billion debt.

> Veteran Banker Paul Russo Elected Kenya Bankers Association Chairman