Net1 Receives Unconditional Approval from the Competition Tribunal to Acquire Controlling Stake in DNI
June 21 2018 - 9:00AM
Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”)
(Nasdaq:UEPS) (JSE:NT1) today announced that it has received
unconditional approval from the Competition Tribunal to increase
its stake in DNI-4PL Contracts (Pty) Ltd (“DNI”) from 49% to 55%.
DNI is the leading distributor of mobile subscriber starter packs
for Cell C through its extensive network of field operatives and
agents. The transaction is now unconditional and Net1 expects the
transaction to close on or before June 29, 2018.
“We welcome this positive news as it moves us
one step closer to the inclusion of DNI into the Net1 family,” said
Herman Kotze, CEO of Net1. “As part of Net1, DNI and its extensive
sales force will allow us to accelerate our efforts to provide a
range of low-cost lifestyle products along with our EasyPay
Everywhere account, enabling financial inclusion to millions of
underbanked South Africans with a low-cost, easily accessible
solution encompassing banking, payments, financial services and
telecommunications.”
About Net1
(www.net1.com)
Net1 is a leading provider of alternative
payment systems that leverage its Universal Electronic Payment
System (“UEPS”) or utilize its proprietary mobile technologies.
The Company operates market-leading payment processors
in South Africa and the Republic of Korea. Net1 offers
debit, credit and prepaid processing and issuing services for Visa,
MasterCard, ChinaUnionPay, Alipay and WeChat across Asia-Pacific,
including China, Europe, Africa, and the United States.
UEPS permits the Company to facilitate
biometrically secure, real-time electronic transaction processing
to unbanked and under-banked populations of developing economies
around the world in an online or offline environment. Net1’s
UEPS/EMV solution is interoperable with global EMV standards that
seamlessly enable access to all the UEPS functionality in a
traditional EMV environment. In addition to payments, UEPS can be
used for banking, healthcare management, payroll, remittances,
voting and identification.
Net1’s mobile technologies include its
proprietary mobile payments solution - MVC, which offers secure
mobile-based payments, as well as mobile banking and prepaid
value-added services in developed and emerging countries.
Net1 has a primary listing on the NASDAQ and a
secondary listing on the Johannesburg Stock Exchange.
Forward-Looking Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements, other than statements of historical fact, included in
this press release regarding strategy, future operations, future
financial position, future revenues, projected costs, prospects,
plans and objectives of management are forward-looking statements.
The Company may not actually achieve the plans, intentions or
expectations disclosed in its forward-looking statements. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements that the Company makes. Factors that might cause such
differences include, but are not limited to: the proposed further
subscription in DNI not closing; or failure by the Company to
realize the anticipated benefits from the DNI transactions; and
other factors, many of which are beyond the Company’s control; and
other important factors included in the Company’s reports filed
with the Securities and Exchange Commission, particularly in the
“Risk Factors” section of the Company’s Annual Report on Form 10-K
for the fiscal year ended June 30, 2017, as such Risk Factors may
be updated from time to time in subsequent reports. The Company
does not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investor Relations
Contact:Dhruv ChopraHead of Investor RelationsPhone:
+1-917-767-6722Email: dchopra@net1.com
Media Relations Contact:Bridget
von HoldtBusiness Director – Burson-Marsteller South AfricaPhone:
+27-82-610-0650Email: bridget.vonholdt@bm-africa.com
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