Cell C raises €240m China loan for new network

Mergers, Acquisitions and Financial Results

Cell C has signed a €240m (R2.2bn) loan agreement with China Development Bank, according to a statement issued by a South African 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.