Cell C welcomes ICASA’s confirmation that Cell C followed the correct process in the notification of its recapitalisation transaction and that it has complied with all applicable Regulations.
“A recapitalised Cell C is good for the industry, the economy, and the consumer at large,” says Jose Dos Santos, Cell C CEO.
“The successful conclusion of this transaction has ensured a sustainable future for the company and its employees. We now have a solid foundation to really drive competition in an industry that has been marred by a duopoly at the expense of the consumer,” adds Dos Santos.
The recapitalisation of Cell C has increased the ownership of the company by South African shareholders from 25% to over 86%. The participation of historically disadvantaged persons in Cell C increased from around 25% to more than 30% at ownership level, with Cell C management and staff participating in the equity of the company for the first time.