Financial services group Net 1 UEPS Technologies said on Friday it had entered into a transaction with minority shareholders in DNI-4PL Contracts to reduce its stake in the company to 38% from 55% to settle a R400 million vendor obligation.
On Friday it said it would use the proceeds from the sale to settle its R400 million obligation as a full and final settlement of the amount due in the DNI investment deal. Under the terms of Net1 SA’s subscription agreement with DNI, it agreed to pay an additional amount of up to R400 million, or US$28.2 million. DNI will distribute this amount to its other shareholders.
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