Blue Label shakes up Cell C, pulls in new investor
The company also announced that a consortium led by property magnate Jonathan Beare's Buffet Investments will take a minority stake in Cell C
Two years after buying a 45% stake in debt-laden Cell C, Blue Label Telecoms is shaking up management and pulling in a new investor to stem the losses. Jose dos Santos will step down as CEO next week after five years at the helm, but will still be a consultant to the board of SA's third-largest mobile operator, Blue Label said on Friday. The company also announced that a consortium led by property magnate Jonathan Beare's Buffet Investments will take a minority stake in Cell C. Without providing details about the size of the stake or the amount invested, Blue Label said: "With Buffet support the Cell C balance sheet will be bolstered and ensure Cell C's sustainable growth for the future." Buffet and Beare declined to comment, saying only that Cell C will issue a statement in due course. The mobile operator's debt has been a problem for years and Dos Santos was tasked with turning the business around as former owner Oger Telecom, a Saudi Arabian company, sold down its stake. But sinc...
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