Absa also reported on the same period last week. Deposits grew by 12% but gross loans and advances only increased by 7%.
The Blue Label share price has had a solid run recently but is down more than 66% over the past five years. There are many other elements to the transaction. In summary, Blue Label is giving Cell C another significant punt and is taking some big risks along the way. The company will hold 49.3% in Cell C once all the steps are completed.
There is some respite for shareholders, as EOH has announced the sale of four subsidiaries for about R420-million. The earnings before interest, tax, depreciation and amortisation multiple for the sale is about 5x, which isn’t exciting.
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