Net 1 UEPS Technologies (UEPS) Cancels the Exercise of Options to Acquire Additional 35% Interest in Bank Frick
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Net1 cancels the exercise of its option to acquire a further 35% of Bank Frick
April 15, 2020 7:00 AM EDTJOHANNESBURG, South Africa, April 15, 2020 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS, JSE: NT1) (Net1 or the Company) today announced that it has cancelled the exercise of its option to acquire an additional 35% interest in Bank Frick & Co. AG (Bank Frick) from the Kuno Frick Familienstiftung (KFS), in order to maintain liquidity in the current uncertain and volatile macroeconomic environment, and to sharpen its short-term focus on opportunities in South Africa and Africa. Net1 agreed to pay KFS an option termination fee of CHF 17 million (USD 17.5 million at prevailing exchange rates), and intends to retain its remaining 35%... More
