Cell C CEO buys R20.8m in shares as turnaround continues
Jorge Mendes, CEO Cell C
JSE disclosures show Mendes acquired 52,187 ordinary shares at R23 each on September 17, for about R1.2m. He followed this with a purchase of 740,000 shares at R26.50 each on September 21, valued at R19.61m.
The two on-market transactions involved 792,187 shares, with a combined value of R20.81m. The required clearance was obtained for both purchases.
Mendes took over as CEO in June 2023, leading a restructuring programme at the financially distressed operator. The changes have included an overhaul of the executive committee, the recruitment of telecommunications executives and a refresh of the company’s brand, products, retail stores and digital channels.
Cell C has also reduced its debt from R9bn to R3bn and restructured its network and roaming arrangements as it seeks to improve its financial position.
The operator listed on the JSE in November 2025. Its first results as a listed company reflected continued efforts to strengthen its balance sheet and stabilise the business.
The share purchases come as Cell C continues to pursue a return to sustainable growth and profitability.