Cell C followed due process in recapitalisation – ICASA
ICASA has stated that Cell C followed the correct process in the notification of its recapitalisation transaction and complied with all regulations. The recapitalisation of Cell C has increased the ownership of the company by South African shareholders from 25% to over 86%, said the network. Cell C said participation of historically-disadvantaged persons at ownership level in the company has also increased from around 25% to over 30%.
Cell C CEO Jose Dos Santos said the company’s recapitalisation was good for the industry, economy, and consumers.
The recapitalisation deal saw Cell C’s debt significantly reduced, and Blue Label Telecoms acquiring a 45% shareholding in the company.