Cell C FY17 rallies on Blue Label recapitalisation

South Africa’s third-largest mobile operator Cell C on Tuesday posted strong financial results for the year ended December 31, bolstered by the R5.5-billion recapitalisation programme led by JSE-listed Blue Label last year. The recapitalisation, which resulted in Blue Label earning a 45% stake in the mobile operator, involved several companies, an employee and management shareholding scheme and a further subscription from Net1 for R2-billion, and reduced Cell C’s debt from nearly R18-billion to R6.8-billion.