Blue Label Telecoms said it Thursday that the recapitalisation of Cell C has finally been completed after years of negotiation.
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The highly anticipated publication of Cell C’s latest financial results has been postponed to due the ill health of the company’s CEO.
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.
Major operators have created a new, non-profit association to look after their interests and work with government and regulators.
The recapitalisation of Cell C is taking longer than expected, and will now only be concluded “towards the end of August”.
JSE-listed Huge Group has reached a deal to acquire the remaining assets belonging to the former Virgin Mobile South Africa, now known as Tethys Mobile.
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.