Bloomberg News

East African Cables Gains Most This Month on Higher Sales Bets

December 28, 2011

Dec. 28 (Bloomberg) -- East African Cables Ltd., the region’s biggest cable manufacturer, advanced the most this month on speculation its sales will grow in 2012.

The stock rose 4.8 percent to 10.95 shillings at the end of trading in Nairobi, the biggest gain since Dec. 1.

TransCentury Ltd., which has a major stake in East African Cables, acquired Civicon and “this has resulted in positive sentiment that the market for cables will grow,” Deris Mogoi, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.

Shareholders of TransCentury, a Kenyan investor in infrastructure projects, said Dec. 7 shareholders approved an investment in Civicon Ltd., a civil and mechanical engineering company with operations in five East African nations.

--Editors: Ash Kumar, Linda Shen

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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