Belamant to sell R140m worth of Net1 shares - TechCentral

Belamant to sell R140m worth of Net1 shares

Serge Belamant

Serge Belamant, founder, chairman and CEO of Net1 UEPS Technologies, the JSE- and New York-listed electronic payments company, plans to sell shares worth about R140m as he diversifies his portfolio.

The company says he will offload about 1m shares, which represent about half of his stake in Net1, in order to diversify his assets and assist him in planning his estate. They will be sold in the open market.

Based on Net1’s share price of R140 at the close of trade on the JSE on Monday, Belamant will raise R140m.

“The sales will occur in the open market at the prevailing market price and will be subject to regulatory restrictions imposed on affiliates and insiders,” the company says in a filing. It says that if these sales are completed, Belamant will continue to hold about 1m shares, of 2,2% of the company’s outstanding stock.

The colourful Belamant founded Net1 20 years ago and says the share sale will not result in him disengaging from the company.

Net1, which is traded on the Nasdaq (primary listing) and the JSE (secondary listing), develops smart card-based payment systems for use in developing countries. It has a market value of R8,2bn.  — Staff reporter, TechCentral

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