Cell C plans share sale

Cell C is planning a share sale in the first quarter of 2020 as the country’s third-largest wireless company seeks acquisition funds.

The exact timing of an initial public offering (IPO) will depend on market conditions, chief executive Jose dos Santos said. In the meantime, the carrier is looking at potential fibre-to-home deals to boost its internet and data-services businesses, he said.

An IPO would represent a logical next step for Cell C, which emerged earlier this year from a protracted recapitalisation and debt restructuring that led to Blue Label taking a 45% stake.

Dos Santos has pledged to increase network spending and take the fight to rivals MTN and Vodacom, which dominate the market.

Cell C narrowed its first-half net loss to R645 million from R968 million in 2017, the company said. Total subscribers rose by 4% to 16.3 million. – Bloomberg