Net1 completes sale of remaining stake in DNI for ZAR 860 million and provides COVID-19 update
Net 1 UEPS Technologies, Inc. (UEPS)
Last net 1 ueps technologies, inc. earnings: 2/6 04:05 pm
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US:NASDAQ Investor Relations:
ir.net1.com
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Source: GlobeNewswire
JOHANNESBURG, South Africa, April 01, 2020 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS, JSE: NT1) (“Net1” or the “Company”) today announced that it has completed the sale of its 27.5% remaining interest in DN Invest Proprietary Limited (“DNI”), as follows: A 24.3% equity stake in DNI was sold to MIC Investment Holdings Proprietary Limited (“MIC”), one of the most highly regarded investment companies in South Africa, for a cash consideration of approximately ZAR 760 million (or $42.7 million at an exchange rate of $1/ZAR 17.80 at March 31, 2020); andThe remaining 3.2% equity stake was sold to DNI through a share buyback mechanism on deferred payment terms for approximately R100 million (or $5.6 million at an exchange rate of $1/ZAR 17.80 at March 31, 2020). The consideration will be received over 24 months, bearing interest at market related rates, with an initial six-month interest and capital repayment holiday. “We are pleased to conclude yet another key mile
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