Cell C CEO Jorge Mendes buys $1.28 million in shares, lifting stake to $12.5 million

Cell C Holdings CEO Jorge Mendes has spent about R20.81 million ($1.28 million) buying 792,187 shares in the telecommunications company through two on-market transactions, increasing his direct beneficial holding to 8,442,187 shares, according to a disclosure issued under the Johannesburg Stock Exchange Listings Requirements.

Mendes bought 52,187 shares on Sept. 17 at R23 each, paying about R1.2 million ($74,000). Four days later, he acquired another 740,000 shares at R26.50 apiece for R19.61 million ($1.2 million), according to the company’s disclosure. Both purchases were made in his direct beneficial capacity.

The latest purchases bring Mendes’ total investment in Cell C Holdings to R20.81 million across the two transactions. At the disclosed purchase prices, his combined holding of 8,442,187 shares is valued at about R203.3 million ($12.53 million), giving the chief executive a substantial personal financial interest in the company.

Mendes expands personal stake

The 792,187 additional shares increased Mendes’ holding from 7,650,000 shares as of May 31, 2026, to 8,442,187 shares following the latest transactions. The filing does not disclose what percentage of Cell C Holdings the new shares represent, preventing a calculation of his ownership percentage from the information provided.

Cell C Holdings disclosed the transactions on Sept. 22 in compliance with the JSE Listings Requirements. The company said the required clearance for the dealings had been obtained, providing the regulatory basis for Mendes’ purchases and confirming that the transactions were conducted through the market rather than as an off-market transfer.

Mendes has led Cell C Holdings as chief executive officer since July 2023, taking charge after a career spanning nearly three decades in telecommunications. Before joining Cell C, he served as chief officer for consumer business at Vodacom South Africa, where he was responsible for driving growth across the business from February 2019.

A career in telecoms

The executive has held senior positions focused on consumer strategy, commercial growth and profitability during his telecommunications career. His experience includes leadership responsibilities at major industry operators, giving him a background closely aligned with Cell C’s consumer and business priorities as the company competes in South Africa’s telecommunications market.

Mendes completed the Advanced Executive Development Program at the University of South Africa Graduate School of Business Leadership and the Senior Executive Program at Harvard Business School. His latest share purchases increase his exposure to Cell C’s performance while placing a R203.3 million ($12.53 million) value on his disclosed holding at the stated valuation.