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.
Browsing: Douglas Craigie Stevenson
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.
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.
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.
Cell C has defaulted on the payment of interest on a $184-million loan, which was due in December 2019, along with interest and capital repayments related to bilateral loan facilities with various lenders.