JOHANNESBURG – CELL C has welcomed regulators’ approval of its recapitalisation transaction through Blue Label Telecoms and other partners.
The Independent Communications Authority of South Africa (ICASA) confirmed the mobile operator followed the correct process in the notification of its recapitalisation.
According to the company, the recapitalisation of Cell C has increased the ownership of the company by South African shareholders from 25 percent to over 86 percent.
The participation of historically disadvantaged persons in Cell C increased from around 25 percent to more than 30 percent at ownership level, with Cell C management and staff participating in the equity of the company for the first time.
“A recapitalised Cell C is good for the industry, the economy and the consumer at large,” said Jose Dos Santos, Cell C Chief Executive Officer.
He said the successful conclusion of the transaction had ensured a sustainable future for the company and its employees.
“We now have a solid foundation to really drive competition in an industry that has been marred by a duopoly at the expense of the consumer,” added Dos Santos.
Vodacom and MTN are the dominant players in the sector.
– CAJ News