The Independent Communications Authority of South Africa (ICASA) confirmed the mobile operator followed the correct process in the notification of its recapitalisation.

According to the company, the recapitalisation of Cell C has increased the ownership of the company by South African shareholders from 25 percent to over 86 percent.

The participation of historically disadvantaged persons in Cell C increased from around 25 percent to more than 30 percent at ownership level, with Cell C management and staff participating in the equity of the company for the first time.

“A recapitalised Cell C is good for the industry, the economy and the consumer at large,” said Jose Dos Santos, Cell C Chief Executive Officer.

He said the successful conclusion of the transaction had ensured a sustainable future for the company and its employees.

“We now have a solid foundation to really drive competition in an industry that has been marred by a duopoly at the expense of the consumer,” added Dos Santos.

Vodacom and MTN are the dominant players in the sector.

– CAJ News