The Nairobi Securities Exchange (NSE) saw a 10% decline in TransCentury Plc’s stock in its first transaction following the disclosure of Equity Bank’s attempt to place the company under receivership, an attempt that has subsequently been blocked by the courts.
TransCentury and its subsidiary East Africa Cables Ltd. had respective receivership and administration notices published by Equity on Saturday, but the companies have now sought and obtained High Court injunctions preventing these procedures.
The TCL stock, which had no trades on Monday or Tuesday, moved 18,000 shares on Wednesday at an average price of Sh0.80 after starting the day at Sh0.89.
It had last traded on June 16; there had been little price movement in the days before to Wednesday. “TransCentury Limited was the biggest loser with a fall of 10.1 percent (a year-to-date loss of 13.98 percent),” said AIB AXYS Africa in a note on yesterday’s trading.