Nearly two months into the Cell C top job and Douglas Craigie Stevenson has described the struggling group in a manner with which many market watchers would probably agree.It does look like a horror story at Cell C,” said Craigie Stevenson, who was appointed in early August 2019 to head SA’s third-largest telecommunications company after he was in an interim role for five months.
This is a company that was downgraded in August 2019 by S&P Global Ratings to default status – the credit rating agency’s lowest-possible “junk” rating. In July, Cell C had failed to make interest payments worth R194-million on certain loan facilities totalling 40% of its total debt as at December 2018.
Cell C was previously led by Jose Dos Santos between 2014 and March 2019, a period in which the company struggled to make consistent profits because it had a hefty debt, which was used for consumption rather than investing in profit-inducing telecommunications infrastructure.
Cell C already uses MTN’s network in areas where it does not have adequate coverage – it’s a partial agreement with MTN. But this agreement has been controversial, with MTN recently saying that Cell C had failed to make payments on its service agreement, with Cell C having an unpaid bill of R393-million .One of the big things about the agreement is that we previously had 6,500 roaming sites and the agreement puts us on par with other networks, giving us 13,000 sites.
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