Blue Label hints at Cell C’s future in fintech
Having settled its debt, Blue Label co-CEO Brett Levy says the mobile provider is ready to offer new products and get into fresh areas of business
Blue Label Telecoms, which is considering taking control of Cell C, has hinted that SA’s fourth-largest mobile operator is looking to enter financial services like other network providers, using the sector to bring in new revenue.
Blue Label, Cell C’s largest shareholder, completed the long-awaited recapitalisation of the troubled mobile operator in September. Cell C, headed by Douglas Craigie Stevenson, has struggled to make a profit since it opened for business in 2001. It has been laden with long-term debt of R8.7bn, prompting Blue Label and Lesaka Technology (formerly known as Net1), which owned 15%, to write down their combined R7.5bn investment to nil...
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