Net 1 UEPS hits near 1-year high on sale of S. Korean payments unit

Lesaka Technologies

27/01/2020 14:55

** Shares of payment solutions provider  UEPS.O  jumps ~19%
to $4.26; hit near one-year high in early trading
    ** Co to sell KSNET Inc, its payment processing unit in
South Korea, for ~$237 mln to Stonebridge Capital and Payletter
 urn:newsml:reuters.com:*:nASA00AFV
    ** CEO Herman Kotzé says the deal allows co to focus on core
strategy of providing fintech solutions in South Africa, Africa,
Europe and other emerging economies
    ** "KSNET is a profitable and cash generative business, but
operates autonomously and in a more developed economy with
limited overlap with the group's other activities," - Kotzé 
    ** Shares dropped 20.7% in 2019

 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Twitter: @s_qakhan))