May 20, 2020 / 11:59 AM / 18 days ago

South Africa's mobile operator Cell C finalises recapitalisation plan

JOHANNESBURG, May 20 (Reuters) - South Africa’s mobile operator Cell C said on Wednesday it had finalised its recapitalisation plan, which has been sent to the Competition Commission for approval.

“As it is a matter before a regulator and a decision has not yet been made, we cannot comment until the recapitalisation transaction has been successfully concluded,” the firm said in response to questions about the details of the plan.

South Africa’s third-largest telecoms company, which is majority owned by Blue Label Telecoms, faces a liquidity crunch as it has underperformed in a highly competitive market dominated by MTN and Vodacom . (Reporting by Nqobile Dludla; Editing by Jon Boyle)

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