Cell C’s atramentous disinterestedness accomplice CellSAF has reportedly threatened to anticipate the arrangement operator’s accord with Blue Label Telecoms from activity through.
Blue Label affairs to buy a 45% pale in Cell C for R5.5 billion, which is allotment of a move to reduce the network’s net borrowings to R6 billion.
According to a address by BusinessDay, CellSAF accused actor Oger Telecom of “not alive in the best absorption of Cell C”.
CellSAF holds a 25% pale in the close that owns Cell C, 3C Telecommunications.
The address comes after CellSAF launched a cloister claiming adjoin the Blue Label accord in November.
CellSAF said in cloister affidavit it was not a of the accord or accustomed the befalling to animadversion on it or accede the transaction afore it went ahead, appear Reuters at the time.
“Should the atramentous empowerment accomplice accomplish in derailing the R5.5bn advance into Cell C, it could complicate the operational activity of the debt-laden operator,” said BusinessDay.
Should the planned accord go through, CellSAF’s aberrant shareholding in Cell C would be bargain to 7.5%.
CellSAF chairman Mathews Phosa said diluting Cell C’s black disinterestedness would be “illegal and improper”, according to the report.
The address declared that CellSAF has approached ICASA to stop the accord
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