Blue Label proposes name change amid restructure
As JSE-listed Blue Label Telecoms undergoes a significant restructuring, it plans to change its name to Blu Label Unlimited Group, subject to shareholder approval.
In a statement issued to shareholders on Friday, the company noted that the revamped name reflects its new strategic direction by omitting the reference to ‘telecoms’, as the restructure separates the telecoms and non-telecoms business units.
In addition, the adjustment of the term ‘Blue’ to the abbreviated form ‘Blu’ aligns with the recent adoption of the trading name and logo ‘Blu’ across various marketing platforms.
“The board has therefore resolved to recommend the change of name to the shareholders of the company for their approval, deeming it a more fitting representation of the company's evolving identity and business focus,” it said.
Blue Label has reserved the new name with the Companies Intellectual Property Commission (CIPC) and the JSE has, subject to shareholder approval being obtained and the filing and acceptance of the special resolutions with CIPC, approved the name change.
While the JSE long name and short name of the company will change to ‘Blu Label Unlimited’ and ‘Blu’, respectively, the JSE share code and ISIN will not change and the company will retain its history and will remain listed in the telecoms sector on the Main Board of the JSE.
The company will hold a virtual general meeting on August 11 to obtain the resolutions required to approve the proposed name change and the consequential amendments to the Memorandum of Incorporation.
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