Net 1 Ueps Technologies Inc. (UEPS)

[ClarkKant]

Net1 finalises R264m BEE deal

Net 1 UEPS Technologies, the company that administers the national R10 billion social grant contract, has finalised a black economic empowerment (BEE) deal for R264 million, more than a year after it was first mooted.

Net 1 said yesterday that all conditions on the relationship agreements with its BEE partners had been fulfilled. The transaction was delayed last year to allow the company to deal with reputational damage and negative publicity concerning the social grant contract.

The payments implementer has issued 4.1 million shares to Business Venture Investments No 1567 and 300 000 shares to Born Free Investments at R60 a share. The consortium is led by Mosomo Investment Holdings.

http://www.iol.co.za/business/companies/net1-finalises-r264m-bee-deal-1.1677368#.U0_Fa_ldXTo