Cell C has appointed Simo Mkhize as chief commercial officer with immediate effect. Mkhize has 23 years of experience in the telecommunications industry, which includes five years at Cell C previously.
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Cell C has made what it calls a “voluntary offer” to the Competition Commission over data prices, which will see prepaid customers getting free “lifeline” data, albeit very limited.
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.
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.
While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.
Blue Label Telecoms said on Monday it will report a sharp swing back into profit in the six months ended 30 November 2019 after previously writing down the value of its 45% stake in mobile operator Cell C to zero.
Earnings are up, margins are stabilising and there is a ruthless approach to cutting additional costs out of the business. A recharged Cell C is being built that creates value for its stakeholders.
It’s not all doom and gloom at Cell C, apparently. The debt-laden mobile operator has managed to scrounge up the cash to renew its sponsorship of Sharks Rugby.