Financial services and technology group Net1 says it has concluded a deal to reduce its shareholding in DNI-4PL Contracts (DNI)  to settle a R400m vendor obligation. The deal comes less than a year after it increased its stake in the company to 55% from 49%. At the time Net 1 said increasing its shareholding would result in the inclusion of DNI into the group's portfolio allowing it to accelerate its efforts to provide a range of low-cost products in areas such as financial services and telecommunications. “The Net1 obligation of R400m relates to the settlement of a profit warranty to the original vendors of DNI, some of whom remain significant investors in DNI,” said Herman Kotze, CEO of Net1. Following the transaction Net1 now owns a 38% stake in DNI.  Founded in 2005, DNI, provides pre-paid airtime services and mobile subscriber starter packs.   “The sale of 17% of Net1's stake in DNI settles this obligation in full and removes R400m of debt from the Net1 balance sheet withou...

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