Blue Label Telecoms’ shareholders back disposals
Shareholders of JSE-listed Blue Label Telecoms, which has lost almost half of its value since January, have unanimously approved the sale of two assets for about R1bn, in an effort to protect its core business and pay off debts.5% of its stake in subsidiary Blue Label Mobile for R450m to DNI, a SIM card distributor that is partly owned by Net1.
Blue Label said at the time of announcing the disposals in September that the move is to protect its core business of distributing prepaid airtime and electricity, and that it will use Blue Label’s share price was up 1.03% to R2.94 on Wednesday afternoon, having fallen 45.66% so far in 2019. This is due largely to the underperformance of Cell C, of which the company holds 45%.
Cell C, which has been subject to a recent takeover attempt by number four operator, Telkom has close to R9bn in debt according to its latest financial statements.
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