There was a report by ITWeb that stated that Cell C CEO, Douglas Craigie Stevenson is having a discussion which is thought in “assist the company’s future viability.”.
“Cell C will keep the door open to any conversations that will assist the company’s future viability,” the company told MyBroadband which said it cannot comment in the place of China Mobile.
Cell C struggling financially
There have been report about Cell-C going through some financial struggle for a while and two of it’s largest shareholders; Blue Label Telecoms and Net1 recently double down on their investment in the company.
Blue Label is the largest shareholder in Cell C with a 45% stake in the company, while Net1 owns 15% of the mobile operator.
Despite the mobile operator’s current financial challenges, Blue Label Telecoms co-CEO Brett Levy said Cell C has a bright future.
Levy said that Cell C had experienced many positive changes over the last few months, adding that the company’s turnaround strategy was progressing well.
“The deals we are working on have progressed tremendously. There is a great future for Cell C,” Levy said.
Cell C has good long-term prospects – Net 1
“We are comfortable with our progress on all three fronts. We are also pleased with the improved performance in recent months,” he added.
According to Net1’s statement, Levy said it fully supports Cell C’s comprehensive restructuring plan and that there have been several positive development in this process since the end of June.
So Net1 CEO Herman Kotze also said he believes that Cell C’s long term prospects will significantly improve once it has been recapitalized.
Cell C CFO Zaf Mahomed added that the company remains focused on optimising the business, managing the liquidity, and restructuring the balance sheet.