Since 1902

By James Anyanzwa

Trans-Century Ltd has announced plans to acquire a controlling stake in Civicon Ltd and its affiliates.

The investment whose value still remains under wraps is designed to have a significant impact on the company’s assets and annualised earnings.

The transaction, if approved by the company’s shareholders and the regulatory authorities, will be completed in less than two months. To this end, the company has summoned shareholders for an Extraordinary General Meeting (EGM) scheduled for December 6, to approve the proposed investment in Civicon.

"... The Directors of the Company be and are hereby duly authorised to invest directly or indirectly in the ordinary capital of Civicon and its affiliates in the engineering sector, with a view to achieving a controlling interest and from time-to-time increase such effective direct or indirect stake in the ordinary capital of Civicon Ltd and its affiliates," said Virginia Ndunge, the company secretary in a cautionary statement and notice on November 9. The latest buy-out comes barely six months after Trans-Century, through its Tanzanian subsidiary, Tanelec Ltd (Tanelec), acquired a majority shareholding in Pende Electrical based in the copper-belt region of Zambia.

The firm, a Kenyan-based infrastructure company, focuses mainly on power infrastructure, transport infrastructure, and specialised engineering sectors, with additional operations in the consumer sector.

Civicon, which has been in operation since 1975, has extensive experience working on projects for international organisations across Africa and the Middle East.

The company specialises in roads construction, construction of steel structures, power station installations and construction of vessels for the inland lakes in East and Central Africa.

Civicon, which have over 30 years of experience in the petroleum industry, also deals in installation and fabrication of all manner of petroleum infrastructure, such as storage tanks, pipelines, installations and refurbishment of Kenya Petroleum Refinery Ltd.