South Africa’s third mobile operator Cell C converted ZAR6.4bn (E658m) sof hareholder loans into equity at the end of 2009.
As a result, the company saw its debt decrease from ZAR13bn (E1.34bn) to ZAR6.6bn (E679m).
The reduction of debt is expected to…
South Africa’s third mobile operator Cell C converted ZAR6.4bn (E658m) sof hareholder loans into equity at the end of 2009.
As a result, the company saw its debt decrease from ZAR13bn (E1.34bn) to ZAR6.6bn (E679m).
The reduction of debt is expected to help raise financing for the building of its 3G network. The company plans to invest ZAR5bn (E514m) this year in infrastructure.
Cell C, which is controlled by Oger Telecom, increased its subscribers by 8% year on year to 6.9 million users at the end of 2009 and its EBITDA rose to ZAR1.4bn (E146m) from ZAR812m (E84m) the previous year.
The operator, which is the smallest player on the market, is seen as a potential takeover target.
