8 August 2017

South Africa: Minister Siyabonga Cwele Welcomes Cell C's Recapitalisation

press release

The Minister of Telecommunications and Postal Services Dr Siyabonga Cwele welcomes the R5.5 billion private sector investment into Cell C. This investment is significant because it saves Cell C and prevent the monopolisation of the telecommunications industry.

The investment and management actions have saved approximately 2 500 direct and 15 000 indirect jobs in areas such as distribution and suppliers. This is in line with Government's policies, such as the National Integrated Policy, that advocate for the opening up the sector to new players, particularly to blacks and small businesses.

"It is when the industry is open and deconcentrated that we, as citizens, may realise the call for Data Must Fall, through effective competition and innovation that also improves the quality of service," said Minister Cwele.

The company projects that blacks will have a 44.51% shareholding within 12 months. Over that period, it also projects that the company will be fully owned by South African investors.

"We call upon Cell C management to prioritise transformation, job creation and join our partnership to ensure that all South Africans are connected to affordable and reliable internet by the end of 2020,"said Minister Cwele.

South Africa has partnered with the World Economic Forum Africa, the private sector and civil society to connect all citizens to the internet through a programme called the Internet For All.

Issued by: Department of Telecommunications and Postal Services

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