Cell C’s planned recapitalisation remains the subject of discussions with potential investors, despite a plan, announced last month, to retrench almost 40% of the mobile operator’s workforce. The company had been expected to announce the details of the recap at the end of June (after previously saying it expected to do so by the end of...
Cell C has begun a consultation process under the Labour Relations Act that is likely to result in 960 employees — or almost 40% of the company’s workforce of 2 500 people — being retrenched. TechCentral has learnt that the financially troubled mobile operator informed its staff of the plan on Friday morning. It comes ahead...
Cell C has appointed Simo Mkhize as its new chief commercial officer (CCO) effective from 1 April 2020. Mkhize has worked in the telecommunications industry across a variety of organisations in South Africa, other African countries, and Europe. “His career of 23 years in the Telecoms industry, which includes about 5 years at Cell C...
Cell C CEO Douglas Craigie Stevenson has outlined the company’s turnaround plan and reflected on the previous business model following its financial results for the year ended 31 December 2019 being released. In its results presentation, Cell C reflected a net loss after tax of R3.94 billion, although its turnaround strategy saw it improve its financial position...
Financially distressed mobile operator Cell C said the second half of its 2019 financial year – the six months to 31 December 2019 – showed a strong turnaround in its fortunes, with a R1-billion improvement in earnings before interest, tax, depreciation and amortisation (Ebitda). Compared to the first half, gross margin improved by 9%, operating expenses...
Though there is “significant doubt” over Cell C’s ability to continue as a going concern should a planned recapitalisation not materialise, the mobile operator’s biggest shareholder, Blue Label Telecoms, said on Friday that “management believes it is more likely than not” that the company will survive. In its interim results for the six months to 30...
Blue Label Telecoms said on Monday it will report a sharp swing back into profit in the six months ended 30 November 2019 after previously writing down the value of its 45% stake in mobile operator Cell C to zero. Headline earnings per share will be about 40c, from a loss in the same period a...
Cell C has appointed two new non-executive directors, Sindi Zilwa and Mark Nelson-Smith, to its board, it said on Wednesday. The operator’s chief legal officer, Zahir Williams, is also joining the board, as company secretary and adviser to the board on corporate governance issues and to assist other directors with their duties and responsibilities. “These appointments...
Cell C has defaulted on the payment of interest on a US$184-million loan, which was due in December 2019, along with interest and capital repayments related to bilateral loan facilities with Nedbank, China Development Bank, the Development Bank of Southern Africa and the Industrial and Commercial Bank of China. This is according to the financially distressed...
Blue Label Telecoms, which bought a 45% stake in Cell C in 2017 for R5.5-billion, has said in its annual report, published on Tuesday, that its board and management team are “extremely disappointed” in the performance of the mobile operator. This comes after Blue Label wrote down the value of its investment in Cell C to...
