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Cell C plan sees ‘good progress’

Cell C is making “good progress” in what it calls a “complex recapitalisation” aimed at ensuring the financially troubled mobile operator survives the debt noose around its neck.
Discussions to seek alignment among all stakeholders are being held and term sheets must still be concluded, the operator said in a statement on Tuesday.
“The focused company strategy and correctly capitalised balance sheet will lead to better leveraging of assets,” it said.
“The South African mobile market is in a mature phase and the long-term growth of the industry in general, and players such as Cell C in particular, will be determined by the ability to deliver innovative service offerings while assessing over-investment in capital-hungry infrastructure.”
Chief executive Douglas Craigie Stevenson said: “There is a belief in Cell C’s long-term prospects, and the new leadership team is focused on the journey to turn the company into a profitable, innovative player in the local telecoms industry and is confident the organisation will overcome its challenges.” — Moneyweb