Africa Cellular Towers Forced into Liquidation by Creditor

Mergers, Acquisitions and Financial Results

South Africa based Africa Cellular Towers (AC Towers) has been placed into provisional liquidation after a major creditor sought a winding up of the company last Friday.The company, listed on the stock exchange declined to name the creditor but simply said that a liquidator will be appointed shortly.

The company's shares were suspended on the stock exchange just prior to the winding-up order and the company has had its bank accounts frozen by the unnamed creditor.

Two directors also resigned from the company.

The company operates three divisions, providing power lines, cellular towers and equipment shelters.The company has been posting losses and was seeking an outside investor but had not secured the necessary investment before the winding up order was served.