Cell C Holdings closes listing offer at R26.50 a share
Soon to be JSE-listed Cell C Holdings on Monday said that its offer closed on Friday at R26.50 a share, an offer price implying a market capitalisation of R9-billion, based on a total of 340-million ordinary shares in issue.
Cell C expects to start trading on the JSE on November 27.
According to a statement issued on Sens, the offer shares represent 30% of the company's total issued ordinary shares.
The offer comprised of 102-million sale shares, representing an aggregate amount of R2.7-billion, allocated to selected qualifying investors.
It is no longer intended to over allot any ordinary shares in the offer.
As part of the offer, broad-based black economic empowerment special purpose vehicle Sisonke Growth Partners has agreed to purchase 54.23-million ordinary shares in Cell C, representing a shareholding of 15.95%.
In addition, Cell C will have direct flow-through historically disadvantaged persons (HDP) ownership from TPC's shareholding in the company of about 15% and HDP ownership through the executive transfer scheme of about 1%.
Accordingly, at admission, Cell C's HDP ownership will exceed the requisite minimum of 30%.
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