Cell C shareholder CellSAF has launched a court challenge against the Blue Label Telecoms-led recapitalisation plan which will see Blue Label take a 45% stake in the mobile operator.
According to a report by Reuters, CellSAF wants the transaction to be set aside.
“CellSAF said in the court papers that it was not informed of the deal or given the opportunity to comment on it or consider the various documents on the transaction before it went ahead,” stated Reuters.
CellSAF holds a 25% stake in a firm that owns Cell C.
Blue Label said the latest date for finalising the necessary conditions before the fulfilment of the proposed transaction will be 28 February 2017.