As the 30th April deadline for publishing financial results nears, listed firms TransCentury and East African Cables have announced that they will be late in posting their reports. Capital Markets law requires public companies to publish their annual results four months after their fiscal year end.
According to a public notice published on local newspapers, TransCentury plc and EA Cables expect to release their earnings reports by 30th June 2019, 60 days after the deadline. The reason for the delay is that the firms are engaged in an ongoing transaction.
TransCentury is one of five listed companies classified under “Investment segment” at the Nairobi Securities Exchange. The company operates in three sectors; power, transport and engineering and its subsidiaries are spread across 14 countries. It is the largest shareholder of East African Cables with a 68 percent ownership in the firm.
On 26th April, the two listed companies jointly issued a cautionary statement urging investors to exercise caution when trading the firms’ securities. As per the Friday notice, EA Cable is involved in an undisclosed deal that could substantially change the company. The listed duo said that more information on the deal will be revealed at the appropriate time.