Cell C raises R2,2bn China loan

Added by Editor on 24 August 2010.
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Cell C has signed a €240m (R2,2bn) loan agreement with China Development Bank, according to a statement issued by an SA government delegation visiting China this week. The delegation is being led by President Jacob Zuma.

The loan comes just months after Cell C shareholders agreed to restructure the mobile operator’s debt by converting billions of rand of debt into equity.

Cell C is spending more than R5bn this year on building a new network and recently unveiled new corporate branding as it prepares to challenge bigger rivals MTN and Vodacom.

A Cell C spokesman could not immediately be reached for comment.

The Dow Jones news wire reported on Tuesday that SA and Chinese companies were signing a range of deals in energy, banking and railways.

It said Standard Bank and China Railway were signing a cooperation agreement for various rail projects in Africa. The bank was also signing an agreement with the Industrial & Commercial Bank of China that would result in closer cooperation in nuclear energy between SA and China.  — Staff reporter, TechCentral

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  • Greg

    Well done, Cell Copyright. Now turn all this infrastructure into something useful for the consumer!

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