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.
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.
Telkom Group CEO Serame Taukobong said he has zero interest in buying smaller rival Cell C, making it clear that no deal will happen on his watch.