Cell C looking at listing by 2020: report
Cell C CEO Jose dos Santos said the company is planning to list on the JSE in the next three to four years. This is according to a report in the Sunday Times.
Cell C will join its rivals Vodacom, MTN, and Telkom, which are all listed on the JSE’s main board.
Dos Santos told the Sunday Times that the next three years would be used to position the company strongly for a favourable listing.
On 10 December 2015, Cell C announced it had received offers to recapitalise the company, which will reduce net debt to R8 billion or less when implemented.
Blue Label Telecoms submitted a conditional binding offer of R4 billion to hold around 35% of the total issued shares in Cell C at the close of the recapitalisation.
Cell C management and staff submitted an offer of R2.5 billion to hold about 30% of the total issued shares.
Current Cell C shareholder 3C Telecommunications will also subscribe for a number of shares – about 35% at the close of the recapitalisation.
On 30 December 2015, Cell C announced the boards of Cell C and 3C Telecommunications had accepted the offers from Blue Label Telecoms and Cell C management and staff.
“This transaction will benefit Cell C and empower its staff, and solidify Cell C’s assurance to its customers to provide the most innovative products and services, backed by continued growth and investment in its network,” said Cell C Chairman Mohammed Hariri.
The company said it will now proceed with the next steps of the transaction.
More on Cell C’s recapitalisation deal
How Cell C’s staff will own 30% of the company
Cell C to be sold to Blue Label Telecoms and staff
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