Following its suspension from the JSE last week (31 May), African Cellular Towers has been placed under provisional liquidation.
One of the company’s major creditors applied for an urgent provisional liquidation order on 1 June, and the company has been placed under provisional winding up, with the return date in three months.
In addition, it was announced today that Seth Radebe has resigned as an independent non-executive director of the company, with effect from yesterday (4 June).
African Cellular Towers has been in discussions with a third party regarding funding.
The company was set up in 1999, with three business arms: power lines, cellular towers and equipment shelters.