Africa Cellular Towers served with liquidation notice

South Africa based mobile towers infrastructure operator, Africa Cellular Towers has been served with a liquidation order by the South Gauteng High Court after failing to stave off bankruptcy.

The company has struggled against rising debts and falling revenues for the past year, and a few months ago an unnamed creditor started proceedings against the company.

The company, listed on the stock exchange, declined to name the creditor in June but simply said that a liquidator would be appointed shortly. Two directors also resigned from the company.

Africa Cellular Towers operates three divisions, providing power lines, cellular towers and equipment shelters.

The company has been posting losses and was seeking an outside investor but had not secured the necessary investment before the winding up order was served.