JOHANNESBURG (Reuters) - South Africa's Cell C's shareholder CellSAF launched a court challenge against Blue Label Telecoms led recapitalization plan and wants the transaction to be set aside, according to court papers seen by Reuters on Thursday.
CellSAF said in the court papers that it was not informed of the deal or given the opportunity to comment on it or consider the various documents on the transaction before it went ahead.
CellSAF holds a 25 percent stake in a firm that owns Cell C, the third-largest mobile phone operator.
Blue Label, the largest distributor of pre-paid airtime and data in South Africa, said in October it will pay 5.5 billion rand ($400 million) for a 45 percent stake in debt-laden mobile firm Cell C Ltd.
(Reporting by Nqobile Dludla and Tiisetso Motsoeneng; Editing by James Macharia)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app