Under the terms of the proposed transaction, existing airtime lenders will provide R4.25-billion in new super-senior debt secured by a significant portion of Cell C’s assets, excluding spectrum, according to sources.
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Cash Paymaster Services, which used to pay out social grants on behalf of the South African Social Security Agency, is to go into liquidation.
Cell C shareholder Net1 UEPS Technologies has appointed a new director to the board of the mobile operator. David Shimkins will replace Paul Edwards with immediate effect.
Net1, the company that used to manage the payment of social grants in South Africa, has appointed former Telkom and Eskom chairman Jabu Mabuza as chairman-designate of its board.
Net1 UEPS Technologies is seeking to place a subsidiary that’s been ordered to repay hundreds of millions of rand to the welfare department in business rescue.
JSE- and Nasdaq-listed technology company Net1 UEPS Technologies will sell its Korean payments processing business KSNet to Stonebridge Capital and Payletter for R3.5-billion.
Blue Label Telecoms co-founders and co-CEOs Brett and Mark Levy are stepping down as non-executive directors of the Cell C board with immediate effect.
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.
From inception, no one has made an equity return from investing in Cell C. It’s doubtful whether Jonathan Beare and his Buffet Consortium will be any different.
Net1 UEPS Technologies has become the second JSE-listed company, after Blue Label Telecoms, to delay publication of financial results because of the ongoing financial woes at Cell C.