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Investment

Cell C Responds to S&P Downgrade

S&P Global released a report downgrading Cell C to D (Default), while its rating of Cell C's senior secured bonds are now rated at Default (D).

The suspension of interest payments in July is part of the wider Cell C initiatives to improve liquidity and to restructure the company's balance sheet. Cell C continues to work proactively with all stakeholders to improve its liquidity, debt profile and long-term competitiveness as part of its strategic road map.

As announced earlier this month (7 August), Cell C has entered into a term sheet to expand the provisions of its roaming agreement with MTN, to better control its capital expenditure and operating costs. An agreement will lay the groundwork for a broader national roaming agreement, supporting South Africa's policy goals of avoiding network duplication. The network services provided will drive efficiencies in the delivery of services to its consumers by Cell C.

The expanded roaming agreement together with the recapitalization transaction will advance Cell C's path to sustainability.

Cell C CEO, Douglas Craigie Stevenson adds: "We are committed to simplifying the business model, right-sizing and optimizing the business. We have engaged with S&P throughout this process and believe we are on the right track with the transactions currently being finalized."

Cell C

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Meeting SME’s where they are - Building inclusive ecosystems for Africa’s small business owners

Micro and small businesses have been, and still are, the spine and lifeblood of the African economy, making up 90% of businesses on the continent.

Many of these businesses have still been operating in traditional ways and serving non-digital customers. With Covid-19 expediting the digital transformation process, businesses - big and small - have been forced to adapt to operate successfully in a more digital-first environment.

To ensure that the digitalization of Africa’s market doesn’t leave micro and small businesses behind, digital solutions must be inclusive and create business-ready environments. But how can we ensure that African SMEs become digitally enabled?

In this webinar we will share from our own experience on how to create such an environment, and the actions we took in vcita to get there, including:

  • Closing the digital literacy gap through tech inclusion 
  • Making a positive impact on local communities
  • Building the foundations for digital inclusion and small business growth in a technology-accelerated world
  • Building the foundations for digital inclusion and small business growth in a technology-accelerated world

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