Net 1 UEPS Technologies CEO and chairman will sell up to half of his holding in the company.
Serge Belamant plans to sell up to a million shares of his personal holdings in the dual-listed company on the open market. He would continue to own a million shares, or 2.2% of the firm's stock.
The company's shares were unchanged this morning at R140. If Belamant sold at that price, he would make R140 million, although it is not known at what price the shares were purchased.
“This year marks the 20-year anniversary since I founded the company, and my decision to sell part of my holdings is based exclusively on my desire to diversify my assets and assist me in estate planning,” says Belamant.
“Net 1's existing business and pipeline of future opportunities is strong, and I remain firmly committed and engaged toward driving sustained profitable growth for the company.”
Net 1 provides its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked populations of developing economies.
Share