Net1’s U-turn on bank deal costs it R325m
Company pays penalty after deciding not to exercise an option to increase its stake in Bank Frick
15 April 2020 - 13:46
Financial services and technology group Net1 UEPS has paid a $17.5m (R325m) cancellation fee after deciding not to increase its stake in Liechtenstein-based Bank Frick in an effort to maintain its cash reserves during the Covid-19 crisis and focus on its African operations.
Net1 holds 35% of Bank Frick and said in October it would pay $46.4m to exercise its option to acquire an additional 35% stake in an effort to expand its fintech services...
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