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South Africa: Minister Applauds Cell C’s R5.5bn Recapitalisation

August 10, 2017 • Mobile and Telecoms, Southern Africa, Top Stories

Cell C, Recapitalisation, Minister of Telecommunications and Postal Services, Dr Siyabonga Cwele

Minister of Telecommunications and Postal Services: Dr Siyabonga Cyprian Cwele. (Image Credit: Darryl Linington)

The South African Minister of Telecommunications and Postal Services, Dr Siyabonga Cwele, earlier this week announced that his office welcomes the R5.5 billion private sector investment into Cell C. The minister pointed out the significance of this investment as it saves Cell C and prevents the monopolisation of the telecommunications industry.

The recapitalisation through investment and management actions has saved approximately 2 500 direct and 15 000 indirect jobs in areas such as distribution and supply. This is in line with Government’s policies, such as the National Integrated Policy, that advocate for the opening up of the sector to new players, particularly to blacks and small businesses.

“It is when the industry is open and deconcentrated that we, as citizens, may realise the call for Data Must Fall, through effective competition and innovation that also improves the quality of service,” said Minister Cwele.



The company projects that blacks will have a 44.51% shareholding within 12 months. Over that period, it also projects that the company will be fully owned by South African investors.

“We call upon Cell C management to prioritise transformation, job creation and join our partnership to ensure that all South Africans are connected to affordable and reliable internet by the end of 2020,”said Minister Cwele.

 

Staff Writer


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