Financially distressed mobile operator Cell C expects to close 128 retail stores around the country, with 546 jobs on the line, as it moves to reduce costs and become a more sustainable business.
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MTN South Africa is feeling the impact of the lost revenue from former roaming partner Telkom, with the company’s service revenue declining by 2.5% year on year despite a strong operational performance.
Cell C said on Tuesday that it is making “good progress” in what it calls a “complex recapitalisation” aimed at ensuring the financially troubled mobile operator survives the debt noose around its neck.
A man who ripped off equipment from mobile phone base stations in the Western Cape has been sentenced to 500 years in prison, though he will spend no more than 13 years behind bars in practice.
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.
South Africa’s unemployment rate hit a record high in the first quarter of this year as key sectors including agriculture shed jobs, data showed on Tuesday.
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.
Why does the narrative remain that some “duopoly” between Vodacom and MTN is the source of South Africa’s relatively high data prices? It’s not true. By Martin van Staden.
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.