JSE-listed Blue Label Telecoms, which has lost a third of its value since January due to the dismal performance of its investment in the country’s third largest mobile operator Cell C, is selling off assets in an effort to pay off its debts.

The company, which is now worth less than what it paid for a 45% stake in the debt-laden operator in 2017, said on Wednesday it had agreed to sell 85% of its stake in subsidiary Blue Label Mobile for R450m to DNI, a SIM card distributor that is partly owned by Net 1, which holds a 15% stake in Cell C.

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