This archive report was first published on 2 July 2019.
July 2, 2019, marked the latest deadline extension for TransCentury Limited and its subsidiary East African Cables to release their financial results for the year ended December 2018.
Initially, the companies were expected to publish their results by April 30, but they have now set a new deadline of July 31, citing an ongoing transaction that has impacted their audit timelines.
According to a joint statement, the transaction, which is at an advanced stage, involves multiple entities in different countries and a complex legal process.
As a result, the companies require additional technical reviews and interpretations, which they expect to complete and publish their audited statements by July 31.
TransCentury and East African Cables are operating in a negative working capital position, contrary to the rules governing issuers at the Nairobi bourse.
The Capital Markets Authority had tasked East African Cables to submit monthly status updates on implementing its undertaking to remedy the working capital position within one year, while TransCentury was required to provide quarterly updates on progress made in improving the situation.
