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Network International shareholders to trim stakes

Emirates NBD Bank PJSC and WP/GA Dubai IV BV are selling roughly 85 million ordinary shares in Dubai-based payments processor Network International Holdings PLC through a placing to institutional investors.

The price per placing share will be determined through an accelerated bookbuilding process, which will commence Sept. 4. The placing's results, including the number of shares to be sold and the price per placing share, will be announced after the bookbuilding process closes.

Network International will not receive any proceeds from the placing.

Citigroup Global Markets Ltd., Emirates NBD Capital Ltd., J.P. Morgan Securities PLC and Morgan Stanley & Co. International PLC were appointed as joint book runners for the sale.

Emirates NBD Bank and WP/GA Dubai IV sold 200 million shares in Network International at its London IPO in April, with the bank selling a further 15.3 million overallotment shares in the company. The two firms currently own stakes of 22.4% and 20.25%, respectively, in the Network International.