Cable Experts Limited (CEL) has entered into a share purchase agreement to acquire a 68.37% stake in the financially troubled East African Cables PLC (EA Cables), aiming to rescue the company from administration.

• CEL will acquire the stake from Cable Holdings Limited, a subsidiary of Transcentury Limited, the parent company of EA Cables.
• The new investor is committed to repaying EA Cables' Sh1.94 billion debt to Equity Bank Kenya, which led to the company's placement under administration and suspension of its shares from the Nairobi Securities Exchange.
• CEL, which has experience in the cable business, seeks exemption from acquiring the remaining 31.63% stake and aims for the resumption of EA Cables' shares trading on the stock market, pending approval from regulatory authorities.