Nairobi, July 2 -- The joint receivers of TransCentury Plc are set to raise Sh2.2 billion through the disposal of stakes in two subsidiaries - Tanelec Limited and Avery East Africa Limited - recovering nearly half of the Sh4.8 billion loan owed to Equity Bank Kenya.

TransCentury was placed under receivership by Equity Bank a year ago after defaulting on the loan in 2023.

The receiver managers said they had signed a share purchase agreement with Tanzanian firm Msufini Limited, a manufacturer of chlorine and sodium hydroxide, for the acquisition of TransCentury's 70 percent stake in Tanelec Limited.

TransCentury's 137,347 shares in Tanelec, which manufactures power transformers, electrical switchgear and metering units, are being sold fo...