A Kenyan firm battling financial difficulties has taken a major step in its recovery efforts after reaching agreements to dispose of assets worth about Ksh2.2 Billion as part of an ongoing receivership process aimed at repaying creditors.
TransCentury PLC was placed under receivership on June 16, 2023, after Equity Bank (Kenya) Limited appointed Muniu Thoithi and George Weru of PricewaterhouseCoopers Limited as Joint Receivers and Managers under a debenture.
In a notice issued on Thursday, July 2, TransCentury announced that the joint receivers of TransCentury PLC have signed a Share Purchase Agreement with Msufini (T) Limited for the sale of 137,347 ordinary shares in Tanelec Limited, representing 70 per cent of the company’s issued share capital.
“The Receivers of TransCentury PLC (under receivership) (“TC PLC”) and Msufini (T) Limited are pleased to announce that they have entered into a Share Purchase Agreement for the sale of 137,347 ordinary shares in Tanelec Limited (“Tanelec” or the “Company”), representing 70% of the issued share capital of Tanelec, by TransCentury PLC to Msufini (T) Limited and the debts owed to TC by Tanelec and its subsidiaries (the “Tanelec Transaction”),” the company stated.
The Tanelec transaction is valued at US$16.35 million (about KSh2.1 billion). The sale also includes debts owed by Tanelec and its subsidiaries to TransCentury PLC.
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Once the transaction is completed, Msufini (T) Limited will become the majority shareholder of Tanelec. The deal remains subject to regulatory approvals, corporate consents and other agreed conditions.
In a separate transaction, the receivers have signed a Share Purchase Agreement with SPAC Hill Capital Limited for the sale of 679,720 ordinary shares in Avery East Africa Limited, representing 94.4 percent of the company’s issued share capital.
The Avery East Africa transaction is valued at US$861,538 (about KSh111 million) and is also subject to regulatory approvals and other customary completion requirements.
Upon completion, SPAC Hill Capital Limited is expected to become the majority owner of Avery East Africa and continue developing its operations in the construction, energy, weighing and industrial trading sectors.
“The transactions represent an important milestone in the receivership process of TransCentury PLC and are aligned with the Receivers’ mandate to realize value for creditors while preserving the value of operating businesses within the group,” the joint receivers noted.
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Court Orders Halt to TransCentury Receivership
According to the TransCentury PLC, the receivership process was temporarily halted by interim court orders that suspended the receivers’ powers. Those orders lapsed on June 19, 2025, allowing the receivers to resume their mandate.
Given the joint receivers’ role to control the company’s affairs, preserve its assets, and maximize value for creditors in line with applicable insolvency laws, the proposed disposal of the company’s investments was described as a strategy to realize value from its assets while supporting the continued operations of the underlying businesses.
The receivers said that, once completed, proceeds from the transactions, together with funds realized from other asset sales, will be applied towards settling the TransCentury PLC’s outstanding obligations in accordance with insolvency laws and the priority of creditors.
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