TransCentury secures injunction halting Equity takeover
TransCentury Group chief executive Nganga Njinu during an interview in his office in Nairobi on July 13, 2020.
What you need to know:
- The infrastructure-based investment firm, TransCentury,was placed under receivership by Equity Bank over a debt estimated at Sh4.8 billion, months after it missed a Sh2 billion cash call target on its second attempt.
TransCentury secures an injunction halting Equity takeover; the bank had put it under receivership over Sh4.8 billion debt.
The infrastructure-based investment firm had been placed under receivership by Equity Bank over the debt estimated at $34.3 million, months after it missed a Sh2 billion cash call target on its second attempt.
Equity Bank said Muriu Thoithi and George Weru of consultancy firm Price Waterhouse Coppers (PWC) have been appointed joint receivers of TransCentury with effect from June 16, 2023.
Also Read: Equity Bank places TransCentury, East African Cables under receivership over Sh4.8bn debt
"The powers of the receivers extend to all assets and undertakings of the company. Only the Receivers and their representatives are authorised to handle the assets of the company,” the bank said.
