CAPITAL EXPENDITURE
Cell C gets funding from ZTE and Huawei
Chief financial officer Tyrone Soondarjee announces his retirement to join family business
Cell C has largely secured its capital expenditure funding for at least the next seven months, according to chief strategy officer Robert Pasley. "We are running a process with the [infrastructure] vendors and … been successful in obtaining a degree of funding support from both ZTE and Huawei. "Having said that, we’re in the process of closing other facilities, which, when combined with the existing arrangements with ZTE and Huawei, will enable us to satisfy our [capital expenditure] funding requirements through to early 2019," Pasley said on Thursday. Cell C planned to spend close to R3bn on capital expenditure in 2018 and R2.5bn in each of 2019 and 2020. The mobile operator’s debt was downgraded by S&P Global Ratings in early May. S&P said while the company had performed in line with expectations, it could soon face a liquidity shortfall if it failed to secure additional funding. Beyond the mobile operator’s short-term capital expenditure requirements, "the broader financing proce...
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