Net1 sells remaining stake in Bank Frick for $30m
The financial services and technology group will also pay $3.6m of this as it terminates agreements and settles its obligations
05 February 2021 - 08:06
Financial services and technology group Net1 UEPS has sold its remaining stake in Liechtenstein-based Bank Frick for $30m (R450m), which will be reduced by $3.6m as it settles obligations and terminates agreements.
Net1 had said in 2019 it would pay $46.4m to exercise its option to acquire an additional 35% stake in Bank Frick, giving it 70%, but called this off in a bid to save cash and focus more on Africa...
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.