Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Why administrators eye key TransCentury unit revival
TransCentury Plc Chairman, Shaka Kariuki (centre) glances at the company’s 2022 annual report and financial statement with TransCentury CEO Ng’ang’a Njiinu (left) and Company Secretary Virginia Ndunge (right) during the company’s virtual 25th Annual General Meeting held at the Nairobi Securities Exchange.
PricewaterhouseCoopers (PwC), the controllers of TransCentury Plc, currently under receivership, have opened a window for the possible revival of the firm’s subsidiary AEA Limited, which specialises in diversified solutions in infrastructure, weighing equipment, energy, and other sectors, citing its growth potential.
The joint administrators of TransCentury, George Weru and Muniu Thoithi, have invited interested investors to explore recapitalising, refinancing the company’s debts to sustainable levels, or acquiring AEA Limited’s assets.
“AEA is ready for its next phase of expansion, supported by a substantial project pipeline and rising demand in core sectors. Its strategic importance to the region, providing solutions in energy, transportation, and industrial development, underpins a strong platform for future growth,” the administrators said.
AEA has a presence in Uganda, Tanzania, Kenya, and Rwanda, with its operations spanning manufacturing, engineering, and turnkey projects, including weighing equipment, and industrial automation.
“The transaction process is flexible and open to both financial and strategic investors interested in recapitalisation of the company (to deleverage the business' balance sheet), refinancing of the company's indebtedness to a more sustainable capital structure, going concern acquisition of the business and assets of Avery, and/or purchase of TransCentury Plc's shareholding in Avery East Africa Limited,” PwC said.
TransCentury currently owns a 94.4 percent stake in AEA and is seeking an interested investor or strategic partner to purchase its full stake in the business to unlock value.
TransCentury was placed under receivership by Equity Bank over a debt estimated at Sh4.8 billion, months after it missed its Sh2 billion cash call target on a second attempt.
Equity also put another subsidiary of TransCentury, East African Cables Plc (EAC, Kenya), under administration over a Sh2.2 billion debt that had run into default in 2023.
The bank had issued a demand notice for the debt in June 2023 and later moved to take control of the companies after declining a request to write off the dues, before the court order delayed the receivership and administration.
Equity Bank placed the cables firm and its parent company, TransCentury, under receivership after declining a request to write off over Sh2.8 billion debt.
PWC has also opened a window for the possible revival of EAC, Kenya, and last month invited interested investors to explore recapitalising, refinancing the company’s debts to sustainable levels, or acquiring its assets.
“The primary objective of the administration is...to explore the possibility of rescuing the company, maintaining the business as a going concern and achieving a better outcome for the creditors than they would get in a liquidation,” the joint-administrators said in a notice on July 25, 2025.
Administration is a process through which a third party - an administrator - is appointed to take over the affairs of a company in distress to improve its financial situation for the benefit of its creditors or effect a sale of the business to preserve its value.
The Insolvency Act 2015 provides that a company could be placed under administration by a court, a holder of a floating charge, or the company itself or its directors.
“The transaction process is flexible (with respect to potential transaction structures) and is open to both financial and strategic investors,” the joint-administrators said in the public notice.
