- A court injunction has been issued to stop the appointment of an administrator for East African Cables.
East African Cables PLC (“EAC”) has released a statement to its shareholders, partners, and the general public that the company has successfully obtained a court injunction regarding Equity Bank’s notice dated 16th June 2023, which sought to appoint an administrator for EAC.
This injunction was granted because the bank appointed an administrator while negotiations between the parties were ongoing.
“I am pleased that we have overcome the setback caused by this unfortunate action, and we can now concentrate on our core business of providing high-quality cables to our customers across the region,” said Dr. M.G. Waweru upon receiving the injunction.
Up until the day before the administrator’s appointment, we believed we were engaged in positive discussions with the bank. Therefore, the extreme and unexpected action taken by the bank came as a surprise.
Despite the challenging macro environment, EAC is a respected and diligent business, committed to fulfilling its obligations, as we continue to do. Dr. Waweru added.
The injunction prohibits the appointment of the administrator and restrains them or their agents from carrying out any actions related to the company’s administration. This allows EAC to refocus on its business operations and strategy.
East African Cables is a well-known brand in the region, with the largest electrical cable manufacturing plant in East and Central Africa. Since 1966, the company has played a crucial role in the electrification efforts across the region, connecting homes, factories, and streets with power. With over 200 employees in Kenya and Tanzania, EAC collaborates with a wide network of electricians, traders, distributors, and consultants within the business ecosystem.
East African Cables CEO, Paul Muigai, stated that East African Cables is the unrivaled number-one cable brand in the region.
We have established a highly regarded brand that powers nearly all households, factories, and streets in this country and beyond. We are synonymous with the successful electrification of this nation and have full confidence in our business model, as well as the unwavering support from our customers, staff, and shareholders. We are excited to resume serving our customers in every corner of the country!
East African Cables CEO, Paul Muigai
The Boards of East African Cables would like to express their gratitude to all shareholders, staff, and partners for their unwavering support.