Net1 UEPS Technologies has postponed the publication of its results for the fourth quarter of 2019 as it waits for further clarification on anticipated transactions at Cell C.<\/p>\n
The JSE-listed technology company holds a 15% stake in the mobile network operator and is responsible for the distribution of its starter packs.<\/p>\n
In a\u00a0statement<\/strong><\/a>\u00a0released on Tuesday, Net1 said that information around the proposed transactions \u201cis expected to significantly impact the carrying value of its Cell C investment as of June 30, 2019\u201d.<\/p>\n The delay comes in the wake of an\u00a0announcement<\/strong><\/a>\u00a0in August by Blue Label Telecoms that it is deferring the posting of its Q4 results to 26 September.<\/p>\n Net1 will also now release its fourth quarter and annual results on the same date.<\/p>\n In July, Cell C CEO Craigie Stevenson revealed that the operator is suffering under a massive burden of R8.9 billion of debt. The operator has extended its roaming agreement with MTN to cut operational costs, and it has also recently shut down its fixed-LTE service.<\/p>\n Further adding to Cell C\u2019s issues is the\u00a0recent suspension<\/strong><\/a>\u00a0of the linear channels of its video streaming service Black earlier this month.<\/p>\n
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