Network International Holdings logo

NETW - Network International Holdings News Story

289p -1.2  -0.4%

Last Trade - 21/01/22

Mid Cap
Market Cap £1.62bn
Enterprise Value £1.65bn
Revenue £226.6m
Position in Universe 334th / 1804

Network Intnl Hldgs - Strategic exit of Transguard Cash stake

Wed 10th November, 2021 7:00am
For best results when printing this announcement, please click on link below:

RNS Number : 8631R  Network International Holdings PLC  10 November 2021

10(th) November 2021: Network International Holdings Plc

Strategic exit of Transguard Cash stake provides funds for future growth

Holding in TG Cash to be sold for c.USD 74 million, with the intention to
deploy the cash proceeds into value enhancing activities aligned with our core
digital payments strategy

Network announces the sale of our 50% shareholding in Transguard Cash LLC ("TG
Cash") to Transguard Group LLC, which will generate a total of approximately
USD 74 million in cash. TG Cash provides end to end ATM and cash management
services for banks and retailers in the UAE, which as an entirely cash focused
business, is not aligned with the Group's digital payments strategy. The exit
enables a greater focus of our business activities to our digital payments
purpose; and proceeds from the sale will be deployed in the future to higher
growth and value enhancing opportunities.

In 2020, the Group's share of EBITDA from TG Cash was USD 9.7 million and no
cash dividends were received. The gross assets as stated in the Group's
consolidated statement of financial position were USD 62.4 million. The exit
has no impact on the financial guidance for Group revenue growth and EBITDA
margin given as part of the Capital Markets Day on 29 September 2021, as TG
Cash is not consolidated from a revenue perspective and is not included in the
calculation of Group EBITDA margin.

We remain focused on the multiple opportunities for organic growth in our
fast-accelerating markets. It is therefore our expectation that the loss of
the Group's share of EBITDA from TG Cash will be replaced, through the future
deployment of funds into new value enhancing opportunities, as outlined at our
recently held Capital Markets Day. Our overall financial outlook for 2022 and
onwards is therefore unchanged.


Investor Relations enquiries

International                                                                   InvestorRelations@Network.Global


Amie Gramlick, Head of Investor Relations


Media enquiries


Ben Foster, Andy

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact (
 or visit (

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (
© Stockopedia 2022, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.