Cell C has net debt, excluding leases, on its balance sheet (prior to a planned recapitalisation) of almost R10-billion, but it still wants to participate in South Africa’s upcoming spectrum auction.
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Cell C has reported an interim net loss after tax for the six months to June 2020 of R7.5-billion, but said this was mainly the result of once-off costs and adjustments and that normalised earnings actually grew by 64%.
Ten years after it launched its first mobile offering in the form of 8ta, Telkom has surpassed Cell C to become South Africa’s third largest mobile operator by subscriber numbers.
Cell C’s largest shareholder, Blue Label Telecoms, is confident a recapitalisation of the mobile operator will be completed in the coming months and that this will put it on a new growth trajectory.
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.
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.
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.