Blue Label Telecoms’ proposal to buy CellC ‘progressing positively’
BLUE Label Telecoms’ proposal to buy 35% of Cell C for R4bn, announced in December, is progressing positively, it said in its results statement on Thursday morning.As of May 31, the cellphone airtime and prepaid electricity seller had R4.5bn in capital and accumulated reserves.The group reported revenue growth of 19% to R26bn and aftertax profit growth of 26% to R732m for the year to end-May.READ THIS: Timing of spectrum release critical for telecommunications planningIt declared a dividend of 36c, a growth of 16% from the prior year’s 31c.Prepaid electricity sales in SA on behalf of municipalities amounted to R12.1bn, of which Blue Label Telecoms’ commission was R197m, 20% higher than the prior year.The group has diversified outside of SA via investments in "online wallet" provider Oxigen Services India, Blue Label Mexico and 2DFine Holdings Mauritius.Losses contributed by Blue Label Mexico narrowed by 28% to R63m, while Oxigen’s R27.7m loss contribution "was congruent with signifi...
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