MOBILE NETWORKS
Cell C eyes public listing in 2019 or 2020
Mobile operator Cell C aims to go public in late 2019 or in early 2020, CEO Jose Dos Santos says. "The intention is to list [Cell C] in the fourth quarter of 2019 or the first quarter of 2020," Dos Santos said in an interview in Johannesburg on Tuesday. Cell C’s ownership structure changed in 2017 after it received an equity injection that slashed debt. JSE-listed Blue Label Telecoms and Net1 bought 45% and 15%, respectively. On Tuesday, the company said it grew service revenue by 12% to R13.1bn in the year to December, but recorded a net loss of R26m after stripping out a R4.1bn debt haircut. "We’re still net negative in terms of cash flow, but we think that will come right towards the end of the year or first quarter of next year," Dos Santos said. The company would use its cash injection and strengthened balance sheet to grow revenues, and this would "filter down to free cash flow". Cell C would spend R3bn to R3.5bn a year on capital expenditure over the next three years. The fir...
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