South African mobile operator Cell C has received R1.5bn (US$180m) in equity financing from its majority shareholder, Dubai-based Oger Telecom.
The company’s CEO, Alan Knott-Craig, was quoted telling local publication TechCentral that this…
South African mobile operator Cell C has received R1.5bn (US$180m) in equity financing from its majority shareholder, Dubai-based Oger Telecom.
The company’s CEO, Alan Knott-Craig, was quoted telling local publication TechCentral that this investment will not have any impact on the size of the stake held by Oger in Cell C.
But he added that the equity injection is a cheaper way for the company to raise financing than adding debt to its balance sheet. The funding will go towards growing the business, Knott-Craig was quoted as saying.
Oger Telecom indirectly controls 75% of Cell C while the remaining 25% is held by CellSAf, which is reportedly a Black Economic Empowerment entity representing over 30 companies and trusts in the country.
Cell C could not be reached for comment.
