NAIROBI, Kenya, Mar 7 – The East African Cables (EAC) company has announced 51 percent sales of its issued share capital in Tanzania.
The company said the move will benefit its shareholders and the investing public who have entered into a share purchase agreement with Msufini (T) Limited on March 6, 2024, for the sale of 16.2 million ordinary shares with a par value of 10 Tanzania Shillings, constituting 51 percent of the issued share capital of EAC (Tanzania) Limited to Msufini.
EAC Tanzania, a private limited liability company incorporated in mainland Tanzania, manufactures an extensive range of cables for various applications, while Msufini, also a private limited liability company, manufactures and sells water treatment chemicals in Tanzania.
The firm stated that the sale is subject to conditions that are customary to transactions, including a receipt of EAC shareholders’ approval and regulatory approvals.
Upon completion of the sale, EAC Tanzania will cease being a subsidiary of the company.
