Net1 surges after Belamant relinquishes dual role
Fund manager Allan Gray and the IFC are said to have prompted the long-overdue changes following the Sassa debacle
The Net1 UEPS share price gained 5% on Friday to close at R163.90 following news of board changes that saw Serge Belamant relinquishing his dual role as chairman and CEO. Christopher Seabrooke, who has been on the board since 2005, has been appointed chairman. Belamant will remain CEO. Belamant has held the joint position of CEO and chairman for 13 years following his appointment as chairman in 2003. Net1, which has its primary listing in the US, is also actively seeking to appoint additional independent directors. The International Finance Corporation, which holds 18% of Net1, is expected to nominate a director. The company currently has only three non-executive directors and two executives. A sixth member of the board, Brian Mosehla, resigned during 2014. Although there was no reference to shareholder involvement in the decision it is understood that Allan Gray, which hold 16% and the IFC did prompt the long-overdue changes. Just seven months ago the board said Belamant’s combined...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.