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Cell C is stumbling

11 July 2019 7:52 PM
Tags:
The Money Show
Cell C
Bruce Whitfield
blue label telecoms
Bowmans
Arabile Gumede
Douglas Craigie Stevenson

Cell C is facing severe financial difficulties and suspicions of “irregular business practices”, says its CEO Douglas Stevenson.

Telkom is doing everything right that Cell C is not.

Arthur Goldstuck, MD - World Wide Worx

Cell C appointed Bowmans to investigate “irregular business practices”, interim CEO Douglas Craigie Stevenson said in an open letter to stakeholders on Wednesday.

The share price of its parent Blue Label Telecoms plummeted 10% after he made the announcement.

Cell C is buckling under extreme financial pressure and has initiated substantial austerity measures.

Arabile Gumede (in for Bruce Whitfield on The Money Show) interviewed Stevenson about the company’s woes and his plan to simplify the business.

Listen to the interview in the audio below (and scroll down for quotes from it).

Our debt has gone up more than we anticipated… the cost of the debt; we’re paying a substantial premium…

Douglas Craigie Stevenson, interim CEO - Cell C

The business performance is not optimal…

Douglas Craigie Stevenson, interim CEO - Cell C

The recapitalisation is having a look at cheaper money… getting the debt-stack cheaper.

Douglas Craigie Stevenson, interim CEO - Cell C

…you can say we might have run too hard… we need to innovate and dig deep… it’s all about the turnaround plan… We’ve in the last 120 days identified the issues…

Douglas Craigie Stevenson, interim CEO - Cell C

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11 July 2019 7:52 PM
Tags:
The Money Show
Cell C
Bruce Whitfield
blue label telecoms
Bowmans
Arabile Gumede
Douglas Craigie Stevenson

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