Blue Label to rebrand amid restructuring for potential Cell C listing
Blue Label Telecoms said on Friday its directors will change the name of the company to Blu Label Unlimited Group, following a significant restructuring of its businesses that may eventually entail the listing of Cell C.
The company announced in a notice on Friday that it is undergoing a significant restructuring that involves the separation of its telecoms and non-telecoms business units. The share price, which has risen from only R4.27 a year ago, had increased by 0.86% on Friday afternoon to R14.15.
'In light of this strategic shift, the board believes it is prudent for the company's name to reflect this new direction by omitting the reference to 'telecoms.'
They also noted that 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.' The share code and JSE listing will remain unchanged.
In May, Blue Label stated that it was exploring a potential restructure of the group to aid in the separation and potential future listing of Cell C on the Prime Segment of the Main Board of the JSE.
'The proposed restructure is expected to encompass various ancillary transactions aimed at optimising Cell C's capital structure and balance sheet in preparation for a potential separation and future listing on the JSE. Should Blue Label elect to implement the proposed restructure, it is envisaged that the various restructuring steps will be inter-conditional and contingent upon the potential listing of Cell C.'
They said a separation and potential listing of Cell C from Blue Label's existing distribution businesses would allow investors to independently assess the value and strategic focus of each business.
Earlier this month, Blue Label warned shareholders that the terms and conditions of the restructure were still being developed and remain subject to ongoing engagement and approvals.
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