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.
Browsing: Douglas Craigie Stevenson
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.
Cell C has stopped broadcasting the linear channels on its Black video-streaming service as the struggling mobile operator continues a major review of costs in its business.
Cell C’s largest shareholder, Blue Label Telecoms, will delay publication of its full-year financial results until late September to deal with various issues related to the mobile operator’s recapitalisation and restructuring.
Regulators, including Icasa and the Competition Commission, will have to be pragmatic and lenient about a looming expanded tie-up between Cell C and MTN South Africa if the former isn’t going to go to the wall.
Financially strained telecommunications operator Cell C said on Wednesday that it has finalised a term sheet for a further national roaming agreement with rival MTN South Africa.
Cell C’s board has appointed Douglas Craigie Stevenson as its permanent CEO. Craigie Stevenson had been serving in act acting capacity for the past five months following the resignation of Jose Dos Santos in March.
“We don’t have another chance to do this again. We have to do this right,” interim CEO Douglas Craigie Stevenson said in an interview with TechCentral.
Cell C’s largest shareholder, JSE-listed Blue Label Telecoms, has moved to reassure nervous investors about the mobile operator’s prospects.