Home ECONOMY EA Cables Faces Liquidation over Loan Defaulting

EA Cables Faces Liquidation over Loan Defaulting

by biasharadigest

East African Cables (EA Cables) is facing liquidation after SBM Bank Limited filed a petition, when the company defaulted on a KSh285 million loan, citing the firm’s inability to service the loan.

After SBM filed the petition at the High Court on 9th December 2019, it thereafter invited other parties supporting or opposed to the petition to send their representatives on 4th February 2020, when the matter will be mentioned at the court.

And now, as Business Daily reports, the cable manufacturer’s shares yesterday fell by 5.2% at the Nairobi Securities Exchange (NSE) to a six-month low. It closed at KSh2.37 per share, compared to Friday’s KSh2.50, reflecting negative investor sentiment.

East African Cables is a premier cable manufacturer, with a footprint that spreads across East and Central Africa. The company has four manufacturing facilities; two in Nairobi, Kenya, one in Dar es Salaam Tanzania and one in Eastern DRC. In addition, EAC is present in Uganda, Rwanda, Burundi, Southern Sudan and Ethiopia, through a distribution network.

EAC manufactures an extensive range of cables for applications in domestic and Industrial lighting, as well as transmission and distribution of electricity. The company also offers Data, Telecommunication and Fiber Optic solutions with requisite accessories.

See Also:

EA Cables and Transcentury Complete a Debt Structuring Deal

East African Cables CEO Peter Arina Resigns as Half Year Loss Widens by 618%

Naivas Outbids Tuskys, Chandarana to Acquire Nakumatt’s Assets amid its Liquidation

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