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Cell C to get $180m boost

May 28 2012 11:48
Reuters

Dubai - Oger Telecom, 35% owned by Saudi Telecom, will inject $180m into its South African subsidiary Cell C to improve the coverage and quality of the unit's network, the Dubai-based firm said.

Cell C has about 13% of the mobile market in Africa's top economy, but is a distant third to MTN Group [JSE:MTN] and Vodacom Group [JSE:VOD] and earlier this year its newly appointed chief executive was reported as saying the firm's strategy would be to take customers from its larger rivals.

To facilitate this, majority shareholder Oger will inject $180m into Cell C.

"The funding will be used to support the company's plans, which include the funding of new products and enhancing the quality and coverage of Cell C's network," Oger said in an emailed statement.

The investment will not alter Oger's 75% holding in Cell C, with the remaining 25% owned by black empowerment group CellSaf.

Cell C carries about 87% of its traffic on its own network, covering 92% of the population and about 35% of South Africa's geography, according to its website.

Oger, part of Saudi Arabia's Oger group, also holds a 55% stake in Turk Telekom.

 
cell c

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