Virgin Mobile SA mum on dilution rumour

Virgin Mobile SA will not comment on speculation that its CEO is set to step down amid a shake-up at the company.

TechCentral reported on Friday (18 May) that Virgin Group is planning to dilute its shareholding in local mobile operator Virgin Mobile SA by selling off some of its shares to Dubai-based telecommunications company, the Friendi Group.

It also reported, citing “a well-placed source” that Mobile SA CEO, Steve Bailey would step down from his post at the end of May.

Virgin which has a 55% stake in the SA operation is set to take a minority position to accommodate the Friendi purchase.

Virgin Mobile SA told BusinessTech: “We cannot comment on speculation.”