ICASA confirms Cell C followed due process
Cell C today said it welcomes the Independent Communications Authority of South Africa's (ICASA's) confirmation that the telco followed the correct process in the notification of its recapitalisation transaction and that it 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."
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.