By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Court saves East African Cables from Equity Bank takeover
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > News > Court saves East African Cables from Equity Bank takeover
News

Court saves East African Cables from Equity Bank takeover

hallanaija
Last updated: June 20, 2023 8:25 pm
hallanaija
2 years ago
Share
Court saves East African Cables from Equity Bank takeover
SHARE

The High Court has barred Equity Bank from proceeding with a planned takeover of East African Cables over pending debt.

Equity Bank through a notice dated June 16, 2023 had appointed an administrator to East African Cables over a Ksh 4.8 billion debt owed by EA Cables parent company TransCentury, prompting the electricity cables and conductors manufacturers to seek legal interventions.

“I am glad that the brief setback that this unfortunate action had brought to the business is behind us and we can now focus on what we do best, providing quality cables to our customers across the region,” said Dr. Michael Waweru EA Cables Chairman.

EAC obtained the injunction on the basis that the bank appointed an administrator while parties were engaged in negotiations.

Court saves East African Cables from Equity Bank takeover

“We have been on what we viewed as positive discussions with the bank up until a day before the appointment of the administrator, therefore the extreme and unfortunate action taken by the bank came to us as a surprise. EAC is a renowned and astute business and we’ve been committed to meeting our obligations and continue to do so despite the prevailing challenging macro environment,” added Dr. Waweru.

READ MORE  Rwanda genocide suspect Kabuga 'unfit' for trial: UN court

According EA Cables, the injunction which now puts to a stop to the appointment of the administrator and restrains the lender or their agents from performing any actions in the capacity of administrator of the company will allow the manufacturer to return to focusing on the business operation and strategy.

“East African Cables is the undisputed number one cable brand in the region, we have built an admired brand that is powering nearly all homesteads, factories, streets in this country and beyond. We are synonymous with the electrification success of this country and are confident of our business model and the unwavering support from our customers, staff and shareholders. We are delighted to resume serving our customers in every corner of our country,” stated Paul Muigai, EAC Chief Executive Officer.

Russia Weighs In On Kenya’s LGBTQ Debate
Govt To Avail Scholarships To Teachers Who Excel In Training Performance Arts Learners
Sifuna: MPs are blackmailing Senators, Governors over RMLF allocation
Bishop Wambua is named Apostolic Administrator of the Diocese of Wote by Pope Francis.
Zimbabwe Miners Federation Boss Henrietta Rushwaya convicted of smuggling gold
Share This Article
Facebook Email Print
Previous Article Murang'a Murang’a building: Five confirmed dead as rescue operation ends
Next Article Man who vandalised DCI car inside police station pleads guilty in court
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Former Russian president reminds Trump of Russia’s ‘dead hand’ nuclear strike capability
  • Suspected Arkansas double murd3rer arrested while getting a haircut
  • Paris Jackson and her fiancé end their engagement a week after she was spotted crying in public
  • Singer Justin Timberlake reveals Lyme disease diagnosis
  • Kenya Power warns public against conmen posing as CEO Siror

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?