South African mobile operator Cell C is planning to list on the Johannesburg Stock Exchange (JSE) in the next three to four years. Cell C CEO Jose dos Santos said Cell C will join its rivals Vodacom, MTN and Telkom, which are all listed on the JSE's main board, adding that the operator would use the next three years to position the company strongly for a favourable listing, The Sunday Times reported. Santos said the markets will still be trying over the next two or so years, but the company will use this time to make sure it has changed perceptions about the company and to ensure there is an appetite to buy Cell C from a customer and listing perspective.
The Public Investment Corporation (PIC) told the newspaper it would consider investing in Cell C if it decided to go ahead with a listing. The PIC already owns over 15 percent of Vodacom and almost 17 percent of MTN via the Government Employees Pension Fund. In December, Cell C announced plans to recapitalise the company that would see net debt reduced to ZAR 8 billion or less thanks to capital injections from new shareholders including Blue Label Telecoms and management.
