South African mobile operator Cell C and The Prepaid Company (TPC) are targeting gross proceeds of up to R6.5 billion from the sale of shares ahead of Cell C’s planned listing on the Johannesburg Stock Exchange.<\/p>\n\n\n\n
The offer comprises up to 173.4 million ordinary shares, alongside an additional 9.52 million shares available through an overallotment option.<\/p>\n\n\n\n
This collectively represents up to 53.8% of Cell C’s issued share capital post-listing, Cell C said in its abridged pre-listing statement on Thursday.<\/p>\n\n\n\n
The offer price has been set in a range of R29.50 to R35.50 per share. <\/p>\n\n\n\n
The offer opened in the morning of November 13 and will close at midday on November 21, the statement read.<\/p>\n\n\n\n
The sale of shares is being done by TPC via a private placement to select investors ahead of the listing. Cell C is majority owned by Blue Label Unlimited, which has a 53.57% stake in the mobile operator through its subsidiary TPC.<\/p>\n\n\n\n
Cell C said the offer includes an allocation of up to 68 million shares to a new empowerment ownership structure, with approximately R2.4 billion worth of shares earmarked for the vehicle.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cell C wants to raise R6.5 billion through the sales of its shares ahead of its planned listing on the JSE.<\/p>\n","protected":false},"author":7,"featured_media":839136,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[23759,42,24105],"class_list":["post-843096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blu-label","tag-cell-c","tag-tpc"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/843096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=843096"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/843096\/revisions"}],"predecessor-version":[{"id":843098,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/843096\/revisions\/843098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/839136"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=843096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=843096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=843096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}