Blue Label Telecoms will take a R330-million knock to its earnings after it decided to close its WiConnect retail stores, which it opened in partnership with Edcon Group starting in 2015.
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Cell C’s planned recapitalisation remains the subject of discussions with potential investors, despite a plan, announced last month, to retrench almost 40% of its workforce.
Cell C has begun a consultation process under the Labour Relations Act that is likely to result in 960 employees – or almost 40% of the company’s workforce – being retrenched.
The Competition Commission on Thursday said it has given its conditional approval for an entity called Gatsby SPV to acquire “certain aspects” of Cell C.
The planned recapitalisation of Cell C, believed to involve the Buffet Consortium and other investors, has been finalised, though details are only expected to be made public next month, TechCentral has learnt.
Financially distressed mobile operator Cell C said the second half of its 2019 financial year showed a solid turnaround in its fortunes, with a R1-billion improvement in Ebitda.
African Rainbow Capital Investments has attached a remarkable R13.1-billion valuation to Rain, giving it a value 40% above Telkom’s current market capitalisation.
South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off.
MTN Group shares fell more than 12% on Monday morning in Johannesburg, to their lowest levels in nearly 14 years, as investors digested the news of a shock fall in oil prices overnight.
Though there is “significant doubt” over Cell C’s ability to continue as a going concern, the mobile operator’s biggest shareholder, Blue Label Telecoms, said on Friday that “management believes it is more likely than not” that the company will survive.