Johannesburg, 27 November 2025:  The listing forms part of BLU’s broader strategic restructuring of Cell C, aimed at giving the business improved access to equity capital markets and enhancing liquidity for existing and prospective shareholders. The listing also enables Cell C to operate with a clearer standalone structure as it enters its next phase of operational and financial repositioning.

Cell C is one of South Africa’s leading mobile network operators, serving more than 7.7 million subscribers on a pro-forma basis. In recent years, the company has transitioned to an asset-light operating model and expanded its role as a mobile virtual network operator (MVNO) host, supporting greater competition and choice in the market.

Based on the final offer price of R26.50 per share, Cell C’s indicative market capitalisation at listing is approximately R9 billion.

The mobile network operator is led by a strong, experienced management team and Board, supported by strategic partnerships that provide access to c.28,000 radio sites and 98.7% population coverage, with recent independent network awards recognising the improved quality and reliability. With a diversified revenue base and a renewed focus on customer experience and brand connection, Cell C is well positioned for sustainable growth

“Our JSE listing is more than a financial milestone – it confirms our belief that a leaner, more agile operating model can compete effectively while keeping connectivity affordable for all South Africans. We’ve shown that purpose and profitability can coexist and win. Cell C is redefining what a telco of the future looks like: agile, capex-light, and partnership-driven. By leveraging technology and innovation, we’re building a future-ready platform that delivers real value for customers and investors alike. We are shaping the future of telco,” said Jorge Mendes, CEO, Cell C.

Commenting on the listing, Leila Fourie, Group CEO of the JSE, said: “We welcome Cell C to the JSE Main Board. Its admission underscores the continued diversification of our market, with companies across technology and telecommunications choosing to access the transparency, governance and funding channels of public markets. The restructuring and listing process also highlights the role of South Africa’s capital markets in supporting corporate renewal and long-term capital access. We look forward to Cell C’s contribution to the depth and dynamism of our exchange.”

“This listing highlights how South Africa’s capital markets support corporate restructuring, improve transparency and broaden access to long-term funding. Telecommunications is central to economic participation and digital inclusion, and we look forward to providing a fair, well-regulated platform as Cell C engages with public-market investors,” concluded Leila.

Cell C’s listing comes at a pivotal moment for South Africa’s telecoms sector, which ranks among the world’s best, currently valued at approximately R150 billion and projected to reach R250 billion by 2033. Mobile data services have grown at a remarkable 30% Compound Annual Growth Rate (CAGR) since 2020, supported by the 2022 spectrum auction that reduced data costs by 20 – 25%. This strong trajectory mirrors broader market confidence, with the ALSI surpassing the historic 100,000 mark in July 2025 and remaining nearly 30% higher year-to-date. Macroeconomic fundamentals are equally robust, underpinned by South Africa’s first sovereign rating upgrade in two decades to BB, its exit from the Financial Action Task Force (FATF) grey list, rand resilience and three consecutive primary budget surpluses.

The JSE is also experiencing a resurgence in listings, led by tech and consumer champions such as Optasia’s R23.5 billion IPO in November 2025, the largest fintech listing in EMEA in five years, and Boxer’s R8.5 billion debut in 2024. Against this backdrop of growth and renewed investor confidence, Cell C’s entry underscores the telecoms sector’s dynamism and its commitment to democratising access to connectivity and the digital economy.

With today’s listing, the JSE is now home to a total of 275 companies, with an overall market capitalisation of R23.6 trillion. The JSE continues to record a constructive pipeline of new listings and capital-raising transactions across several sectors, supporting the resilience and dynamism of South Africa’s capital markets.

ENDS

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