The highly anticipated publication of Cell C’s latest financial results has been postponed to due the ill health of the company’s CEO.
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Cell C on Wednesday said its chief financial officer, Zaf Mahomed, is stepping down to pursue “new business opportunities”.
JSE-listed Blue Label Telecoms on Thursday reported robust full-year results, with a big expansion in gross profit margin.
Blue Label Telecoms expects to report an improvement of up to 38% in headline earnings per share for the year ended 31 May 2022.
The recapitalisation of Cell C is taking longer than expected, and will now only be concluded “towards the end of August”.
Lenders to the troubled mobile operator have approved a “compromise offer” that will place the company into a more sustainable debt position.
A critical meeting to decide the future of Cell C was not able to proceed to a vote on a planned recapitalisation this week.
The long-delayed recapitalisation of debt-laden mobile operator Cell C is inching forward, with secured lenders set to vote on a “compromise offer” next month.
Blue Label Telecoms has unveiled long-awaited details of a planned recapitalisation of Cell C – a move aimed at dealing once and for all with the mobile operator’s crippling debt problem.
Blue Label Telecoms’ co-CEOs Mark and Brett Levy have expressed their frustration that investors continue to punish Blue Label for their Cell C deal, despite the solid performance of the group in recent years.