The East African Cables (EAC) company on Thursday announced 51 percent sales of its issued share capital in Tanzania.
EAC 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.
A private limited liability company called EAC Tanzania was established in Tanzania's mainland and produces various cables for different uses.
Another private limited liability company, Msufini, produces and markets chemicals for water treatment in Tanzania.
According to the company, the sale is contingent upon obtaining regulatory and shareholder approval from EAC as well as other usual conditions.
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After the sale is finalized, EAC Tanzania will no longer function as a subsidiary of the corporation.
