South Africa’s Cell C plans listing in Johannesburg

JOHANNESBURG: South African mobile operator Cell C said on Wednesday it intends to list all its ordinary shares on the Johannesburg Stock Exchange through a private placement of existing shares by The Prepaid Company (TPC), a unit of Blue Label Telecoms.

Together with the listing, TPC plans to offer Cell C shares it owns to select investors to raise about 7.7 billion rand ($445 million), including an overallotment option of about 500 million rand and an allocation of up to 2.4 billion to a Black Economic Empowerment vehicle, the operator said in a statement.