Cell C asks regulator’s permission to sell stake

South Africa’s youngest mobile operator Cell C has asked regulator ICASA to amend the terms of its licence to enable it to sell a 15% stake in the company to a foreign investor. Cell C’s operating licence stipulates that 40% of the company’s shares must be in the hands of ‘historically disadvantaged persons’, such as black empowerment organisations, but the operator is asking ICASA to reduce the ceiling to 25% so that it can sell a 15% tranche to Saudi-based Lanun Securities. The cellco is owned by 3C Telecommunications, which itself is 40% owned by CellSaf, a consortium of 30 black empowerment companies and trusts.