Net 1 UEPS TechnologiesInc. said April 11 that InternationalFinance Corp. and certain funds managed by IFC Asset Management Co. LLC have agreed to subscribe for9.98 million of the company's common shares at a subscription price of $10.79 pershare, for total proceeds of $107.7 million.
The subscription price represents a 20.6% premium over the closingprice of the company's shares on Nasdaq on April 8. The investors will have an 18%interest in the company following the transaction. Net 1 will use the proceeds ofthe investment primarily for the expansion of its business and technological solutionsin emerging markets.
The closing of the investment is expected in April. The investorswill have the right to nominate an independent director to the Net 1 board.