In a stunning turn of events, TransCentury PLC (“TC”) has emerged victorious in its legal tussle against Equity Bank, as a court injunction swiftly halts the bank’s audacious attempt to appoint a receiver to TC. The immediate effect of this injunction ensures that TC’s business operations continue undeterred.

The grounds on which the injunction was granted expose the bank’s flagrant disregard for due process and the ongoing negotiations between the parties involved. It was a clear violation of established legal procedures, casting a shadow of illegitimacy over Equity Bank’s actions.

Expressing his satisfaction with the court’s ruling, Shaka Kariuki, TC Group Chairman, emphasized the irregularity that plagued this regrettable and ill-conceived process. “We had regarded the bank as our partner and were engaged in what we believed to be fruitful discussions aimed at reaching a mutually agreeable resolution. It is disheartening that the receiver was appointed by the bank just a day after our positive engagement,” stated Mr. Kariuki while releasing the announcement of the injunction.

Highlighting TC’s significance in Kenya’s economic landscape, Mr. Kariuki stressed their commitment to meeting obligations and referred to the Rights Issue transaction initiated earlier this year. Even amidst the daunting economic challenges faced by Kenya and the global community, TC had successfully raised funds from its shareholders and was in the process of finalizing a favorable agreement for both the company and the bank.

With the injunction in place, the receivership appointment is now effectively nullified, restraining the receivers and their agents from undertaking any actions in their supposed capacity. This much-needed relief allows TC to refocus its efforts on operational activities and the pursuit of its strategic objectives.

Leading the charge is the resilient team at TC Group, undeterred by the setback. “I have full confidence that we will make up for lost time as we steadfastly pursue our mandate of revolutionizing Africa through transformative infrastructure,” declared Nganga Njiinu, CEO of TransCentury Group.

TransCentury Group, an iconic indigenous Kenyan company, stands tall as a trailblazer that has constructed an unparalleled platform and played a pivotal role in key sectors of the economy, including manufacturing and regional infrastructure development.

Earlier this year, in 2023, TC embarked on a groundbreaking Rights Issue transaction, aiming to raise funds to alleviate debt burdens and unlock crucial working capital. The Group has displayed unwavering determination in implementing a comprehensive turnaround strategy, yielding substantial progress along the way.

In light of this momentous outcome, the Boards of TC extend their heartfelt gratitude to all stakeholders: shareholders, employees, and partners. Their unyielding support has been instrumental in propelling the business towards a trajectory of growth and prosperity.