Blue Label concludes Cell C recapitalisation

JSE-listed Blue Label Telecoms has wrapped up the R5.5-billion recapitalisation of mobile operator Cell C, taking a 45% ownership, through subsidiary The Prepaid Company, of issued share capital of Cell C more than a year after first initiating the deal. In an update to shareholders on Monday, Blue Label said the recapitalisation had been fully implemented, with Cell C’s net borrowings reduced to below R6-billion, leaving the company with a “cleaner balance sheet” and in a stronger position to compete across its many consumer fronts.