South Africa’s third-biggest mobile operator has put core parts of the business up for sale as it struggles with R9-billion of debt and deepening losses.
Browsing: Cell C
A report on Tuesday suggested China Mobile may be about to swoop to the rescue of embattled mobile operator Cell C. Telkom is also rumoured to be circling.
Telkom has taken the wraps off new Sim-only fixed-LTE broadband plans for both contract and prepaid customers, with prices starting at R59/month for 5GB of data (plus 5GB of “night surfer” data).
Telecommunications and technology advisory firm BMIT has warned that South Africa faces complex choices and trade-offs in reaching decisions regarding the awarding of new spectrum licences.
A group of local banks have committed to provide temporary liquidity and extended the maturity of R1.2-billion of debt that was due to be repaid last month, Cell C said.
TechCentral sat down with Cell C’s CEO and chief financial officer to discuss the operator’s plan not only to pull itself back from the brink but to put itself on a sustainable financial footing.
Cell C reported a net loss after tax of more than R8-billion in the 12-month period ended 31 May 2019 as the mobile operator battles its own internal cost problems and a weak economy.
A day before Blue Label Telecoms reports its annual results, the technology group has announced it will sell various businesses, including part of 3G Mobile, to deleverage its balance sheet.
Shares in Blue Label Telecoms enjoyed a rare upswing on Friday, a day after it issued a trading update that showed its core business continues to perform well despite the ongoing woes at Cell C.
Blue Label Telecoms will take an almost R6.71/share hit to its earnings per share for the full-year to 31 May 2019 thanks to the ongoing woes at Cell C, it warned on Thursday.