Cell C shareholder challenges Blue Label-led recapitalisation plan
Cell C’s shareholder CellSAF launched a court challenge against Blue Label Telecoms led recapitalisation plan and wants the transaction to be set aside, according to court papers seen by Reuters on Thursday.
CellSAF said in the court papers that it had not been informed of the deal or given the opportunity to comment on it or consider the various documents on the transaction before it went ahead.
CellSAF holds a 25% stake in a company that owns Cell C, SA’s third-largest cellphone operator.
Blue Label, the largest distributor of prepaid airtime and data in SA, said in October it would pay R5.5bn for a 45% stake in debt-laden Cell C.