Blue Label Telecoms co-CEOs Mark and Brett Levy.
JSE-listed company Blue Label Telecoms is looking to change its name.
In a statement to shareholders today, the company advised that, subject to receipt of the requisite shareholder approval, the board of directors of Blue Label proposes to change the company’s name from “Blue Label Telecoms” to “Blu Label Unlimited Group”.
Founded in 2001 by brothers Mark and Brett Levy, Blue Label is a digital distribution company specialising in prepaid products and the electronic distribution of virtual merchandise and value-added services.
It is also the majority shareholder of South Africa’s fourth-largest mobile network operator Cell C.
Blue Label says it is undergoing a significant restructuring process that involves the separation of its telecoms and non-telecoms business units.
Under the restructuring, it is looking to list Cell C as a separate entity on the Johannesburg Stock Exchange.
Blue Label has a non-controlling 49.5% stake in Cell C, and is looking to get an additional 4.04% stake via The Prepaid Company in order to get control of South Africa’s fourth-biggest mobile operator.
In light of this strategic shift, it notes that the board believes it is prudent for the company’s name to reflect this new direction by omitting the reference to “telecoms”.
Furthermore, 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, it explains.
“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 company explains that the name “Blu Label Unlimited Group” has been reserved with Companies Intellectual Property Commission (CIPC) and the JSE has, subject to the requisite shareholder approval being obtained and the filing and acceptance of the special resolutions with CIPC, approved the change of name.
The JSE long name and short name of the company will change to “Blu Label Unlimited” and “Blu”, respectively.
