Cell C drags Blue Label’s shares down to lowest level
Decline in the stock’s price slashes R2bn off the holding company’s market capitalisation
Cell C’s fortunes have dragged down the value of its largest shareholder, JSE-listed Blue Label Telecoms, to its lowest close since the company listed in November 2007.
Shares in Blue Label closed 3.51% down on Monday, bringing the company’s market capitalisation to R3.015bn. This is more than R2bn lower than the R5.5bn paid by the company for its 45% stake in SA’s third-largest mobile operator.