R1.5bn Cell C funding to boost new products
Cell C CEO Alan Knott-Craig said that he will use Oger Telecom’s R1.5 billion in new funding to support the company’s growth plans, which includes he funding of new products and enhancing the quality and coverage of Cell C’s network.
On 24 May 2012 Cell C announced that its majority shareholder, Dubai-based Oger Telecom is currently injecting US$180 million (about R1.5 billion) as equity into the company.
Over the last few weeks Cell C has launched numerous innovative products, including a 99c per minute prepaid product and a new least cost routing service called LCR Anynet aimed at wholesale clients.
On Wednesday, the group said it may retrench 150 employees. Cell C has 1,288 permanent and fixed-term employees.
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