{"id":7406,"date":"2012-01-26T21:12:54","date_gmt":"2012-01-26T19:12:54","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-1-south-africas-net-1-ueps-reaches-black-empowerment-deal\/"},"modified":"2012-01-26T21:12:54","modified_gmt":"2012-01-26T19:12:54","slug":"update-1-south-africas-net-1-ueps-reaches-black-empowerment-deal","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-south-africas-net-1-ueps-reaches-black-empowerment-deal\/","title":{"rendered":"UPDATE 1-South Africa&#8217;s Net 1 UEPS reaches black empowerment deal"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocatio\/spann\">Jan 26 (Reuters) &#8211; South African payment processor Net<br \/>\n1 UEPS Technologies Inc said it has agreed to issue<br \/>\nabout a fifth of its shares to a consortium of black South<br \/>\nAfricans and community groups to comply with regulations in that<br \/>\ncountry.<\/span><\/p>\n<p><span><\/span><\/p>\n<p>South Africa requires companies to meet quotas on black<br \/>\nownership and employment to rectify the wrongs of apartheid.<\/p>\n<p><span><\/span><\/p>\n<p>Net 1 UEPS offered the consortium, which also includes the<br \/>\nNet 1 Foundation, a one-year option to buy up to 8.96 million of<br \/>\nits outstanding shares at $8.96 each.<\/p>\n<p><span><\/span><\/p>\n<p>The lead partner in the consortium is Mosomo Investment<br \/>\nHoldings Ltd, whose Chief Executive Kgomotso Brian Mosehla has<br \/>\nbeen appointed to the Net1 board, the Johannesburg-based company<br \/>\nsaid in a statement.<\/p>\n<p><span><\/span><\/p>\n<p>Through its universal electronic payment system (UEPS), Net1<br \/>\nenables payments in developing countries with little or no<br \/>\naccess to traditional banking facilities.<\/p>\n<p><span><\/span><\/p>\n<p>Last week, the company&#8217;s unit Cash Paymaster Services had<br \/>\nreceived a grant from the South African Social Security Agency<br \/>\n(SASSA) for processing the distribution of social grants in the<br \/>\ncountry.<\/p>\n<p><span><\/span><\/p>\n<p>The company&#8217;s shares closed at $10.31 on Wednesday on the<br \/>\nNasdaq.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jan 26 (Reuters) &#8211; South African payment processor Net 1 UEPS Technologies Inc said it has agreed to issue about a fifth of its shares to a consortium of black South Africans and community groups to comply with regulations in that country. South Africa requires companies to meet quotas on black ownership and employment to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7406","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7406"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7406\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}