Cell C has confirmed its executives paid nothing for 15.3 million shares transferred to them at listing.
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The CEO who rebuilt Cell C from near-collapse has put R20.8-million of his own money in.
R46.2-billion of prepaid electricity moved through the group in the year to May, up 4%. The commission it earned fell 13%.
Capitec and FNB subscribers are doing more for Cell C than its own customers, its full-year results to 31 May 2026 show.
The damage is in the accounting rather than at the trading level, but shareholders face a big swing from profit to loss.
Blu Label has warned it will absorb a R5.2-billion hit related to Cell C as it finally draws the line under a long-running saga.
Cell C listed on the JSE on Thursday, completing a multi-year turnaround that has reshaped the business.
Cell C is heading to the public market with a proposed JSE listing that pegs the offer price between R29.50 and R35.50/share.
Blu Label could pay a special dividend to shareholders if its planned listing of Cell C on the JSE next year goes ahead.
Blu Label Unlimited Group has been given the green light by the Competition Tribunal to take control of Cell C.