Cell C’s largest shareholder, Blue Label Telecoms, disclosed on Thursday that a term sheet to recapitalise the mobile operator has finally been signed after protracted negotiations.
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Remgro said on Monday that it is participating in a the second tranche of a rights offer by CIVH, the parent of fibre telecommunications companies Vumatel and Dark Fibre Africa, aimed at reducing debt.
The rationale for introducing new players in the South African banking industry appear to be based, for the most part, on the wrong notions. By Rabelani Dagada.
Cell C is in advanced talks with Rand Merchant Bank and Investec to provide it with about R4-billion rand in fresh capital, according to people familiar with the matter.
Remgro has increased its stake in CIVH, the parent of Vumatel and Dark Fibre Africa, following a rights issue used by CIVH to raise capital for expansion and reduce debt.
South African business confidence has slipped in the first quarter of the year despite easing Covid-19 curbs, a survey showed on Wednesday, highlighting the fragility of the economic recovery.
Vox has secured new debt facilities, lead-arranged by Investec and also involving Standard Bank and Rand Merchant Bank, to allow it to ramp up its deployment of fibre broadband infrastructure.
CIVH, the Remgro-controlled holding company that owns both Vumatel and Dark Fibre Africa, is talking to both local and international investors to raise R6-billion in new funding.
South African business confidence has plunged due to the impact of the coronavirus pandemic, with companies even more pessimistic now than at the height of disinvestment during apartheid.
Shareholders in telecommunications company Vox, including Rand Merchant Bank, have agreed to buy out fellow investor Investec as part of a R2-billion recapitalisation of the company.