Cell C chief financial officer resigns

Cell C has announced that chief financial officer Zaf Mahomed is leaving the company. Lerato Pule will replace him as Cell C’s CFO from tomorrow, 1 September 2022.

“Pule joined the leadership team earlier this year to ensure a smooth handover and will play an important role as Cell C evolves to chart a new course to become a digital lifestyle company,” the company reportedly said.

Before joining Cell C, Pule was the chief financial officer for Telkom’s SME segment.

She holds a BCom Honours in Accounting and is a qualified Chartered Accountant.

Mahomed is leaving to pursue new opportunities with the operator’s recapitalisation deal currently scheduled to conclude in mid-September.

Cell C’s biggest shareholder, Blue Label Telecoms, announced in 2019 that it would restructure the mobile operator’s roughly R7.3 billion debt.

The operator had reported an R8.03-billion net loss for the period between 1 June 2018 and 31 May 2019.

Blue Label had paid R5.5 billion for 45% of Cell C in 2017, and following the disastrous set of results, it impaired its investment to nil.

Blue Label’s original purchase of the company was itself part of a complex recapitalisation deal led by then Cell C CEO Jose Dos Santos.

In addition to announcing that Cell C would be subject to a second recapitalisation, the company also said it would embark on a network transformation strategy.

Through various deals, Cell C would ultimately outsource its radio network operations to MTN and Vodacom.

Mahomed was part of the executive team at Cell C’s helm during this second restructuring.

“Over the last three years, Zaf Mahomed assisted us in successfully navigating a complex transaction to deleverage the balance sheet as part of our turnaround strategy,” Cell C CEO Douglas Craigie Stevenson said in a statement.

After Cell C’s priority creditors voted in favour of taking an 80% haircut on their debt, Blue Label announced that the recapitalisation would be finalised in late July.

However, at the beginning of August, it said the deal’s closure had been delayed until the end of the month.

Last Wednesday, 24 August, Blue Label said the transaction’s closure had been pushed back again — this time to mid-September.

Now read: Cell C makes R2.4 billion loss

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Cell C chief financial officer resigns