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The International Finance Corporation (IFC), which is the single largest shareholder in Net1, could force the company to buy back its 10-million Net1 shares at a total cost of $107m.
An agreement reached between Net1 and the IFC in April 2016, when the IFC purchased an 18% stake in Net1, allows the IFC to sell the shares back to Net1 if Net1 is the subject of a governmental complaint (or a court judgment) relating to allegations of corruption or fraud. The terms of the agreement and details of the put option were filed with the US Securities and Exchange Commission in 2016 and are accessible on Net1’s website.
When asked about the likelihood of Net1 being forced to repurchase the shares, an IFC spokesperson said: "It is not appropriate for any shareholder to address such issues outside of exchange-sanctioned market communication channels."
Bridget van Holdt, a spokeswoman for Net1, said the company was not responding to questions at this stage as it was focusing on ensuring social g...
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