Blue Label Telecoms, taking advantage of its low share price, has bought back almost 3.5% of the company’s issued share capital, it said on Monday.
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Blue Label Telecoms chairman Larry Nestadt has acquired millions of rand worth of shares in the company in recent weeks as its stock price continued to plumb levels last seen a decade ago.
TechCentral’s interview with Brett and Mark Levy, the co-CEOs of Blue Label Telecoms, was by far TechCentral’s most popular podcast in September 2018, according to statistics from platform partner iono.fm.
In this episode of the podcast, Duncan McLeod interviews Blue Label Telecoms co-founders and co-CEOs Brett and Mark Levy on the future of the JSE-listed group.
As Blue Label’s share price on Wednesday fell to the same level as its debut price on the JSE 11 years ago, the company’s management team has moved to assure the market that its acquisition of 45% of Cell C was not only well thought through but will deliver the expected returns.
A day after falling 8% on the back of interim results published by Cell C, Blue Label Telecoms shares again took a battering on Wednesday after the group published full-year results.
Shares in Blue Label Telecoms, which owns 45% of Cell C, fell by 8% on Tuesday after the mobile operator reported half-year results to 30 June 2018 that showed a net loss after tax of R645-million.
Cell C is planning a share sale in Johannesburg by the first quarter of 2020 as South Africa’s third largest wireless company seeks funds for acquisitions.
Cell C has reduced its net loss after tax in the first half of the 2018 financial year by 33% to R645-million on the back of an 11% improvement in service revenue to R6.9-billion.
South Africans want data prices to fall. Instead, it’s the shares of the big listed telecommunications companies that are tumbling. Share prices have come under significant downward pressure in recent