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Net 1 UEPS Technologies, Inc. engages in the provision of payment solutions and transaction processing services in South Africa. The firm designs, develops, and markets transaction technology, solutions, and services. Read More It operates through the following segments: South African Transaction Processing, International Transaction Processing, and Financial Inclusion and Applied Technologies. The South African Transaction Processing segment consists of a welfare benefit distribution service provided to the South African government and transaction processing for retailers, utilities, medical-related claim service customers, and banks. The International Transaction Processing segment offers payment processing services and to a lesser extent from the sale of goods, primarily point of sale terminals, to customers in Korea. The Financial Inclusion and Applied Technologies segment comprises of short-term loans as a principal and life insurance products on an agency basis and generates initiation and services fees. The company was founded by Serge Christian Pierre Belamant in 1989 and is headquartered in Johannesburg, South Africa.
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Guru FocusMar 6
Net1 to reduce shareholding in DNI to 38% to settle ZAR 400 million vendor obligation
JOHANNESBURG, South Africa, March 06, 2019 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”) today announced that it has, through its wholly owned South African subsidiary, Net1 Applied Technologies South Africa Proprietary Limited (“Net1 SA”), entered into a transaction with the current minority shareholders of DNI-4PL Contracts Proprietary Limited (“DNI”), in terms of which Net1 SA will reduce its shareholding in DNI from 55% to 38%. Under the terms of Net1 SA’s subscription agre...
Expected May 9, After Hours