Net1 appoints three independent directors, including chairman-designate, to its board
14 Mai 2020 - 2:00PM
Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS; JSE: NT1) (“Net1” or
the “Company”) announced today the appointment of three veteran
business leaders as independent non-executive directors. Messrs
Jabu Mabuza and Ali Mazanderani will join the Company’s board on
May 15, 2020, and Mr. Antony Ball will join on May 21,
2020.
Mr. Jabu Mabuza, formerly the chief executive
officer of Tsogo Sun Holdings and currently chairman of Sun
International, has also been appointed Chairman-designate. He will
succeed Mr. Christopher S. Seabrooke following his retirement next
month.
Mr. Mabuza has previously chaired Eskom –
Africa’s largest utility, Telkom – one of South Africa’s leading
telecommunications companies, and the African operations of
Anheuser Busch InBev. Mr Mabuza has also served as the convenor of
the CEO Initiative with South Africa’s Minister of Finance. Mr.
Mabuza was a recipient of a Lifetime Achievement Award from Ernst
& Young in their World Entrepreneur Awards.
Mr. Mazanderani was formerly a partner at the
private equity firm Actis, and led a number of landmark financial
technology investments globally. Prior to his career at Actis, he
was lead strategy consultant for First National Bank in
Johannesburg, South Africa, and prior to that, he was an advisor to
private equity and corporate clients for OC&C Strategy
Consultants in London. Mr. Mazanderani has served on the boards of
a number of fintech and payments companies across Africa, South
America, Asia, Europe and the United States, and currently serves
on the boards of StoneCo in Brazil, Network International in Dubai
and 5 Star Loyalty in the United States.
Mr. Ball is co-founder and chairman of Value
Capital Partners (“VCP”), a South Africa-based private investment
firm, which has recently announced that it has acquired 12.7% of
Net1’s outstanding shares.
Prior to VCP, Mr. Ball founded Brait in 1990, a
leading South African private equity firm, regarded as a pioneer of
private equity in the region, and held various leadership
positions, including Deputy Chairman and CEO, between 1998 and 2011
when he left the company. Mr. Ball led Brait’s investment in Net1
in 2004, and served as a non-executive director of the Company
until 2012.
Mr. Ball was appointed pursuant to a cooperation
agreement signed between Net1 and VCP. The cooperation agreement
aims to facilitate constructive engagement between Net1 and VCP on
a range of topics, including strategy, governance, and capital
allocation.
“I am very pleased to welcome Jabu, Ali and
Antony to our Board,” said Mr Seabrooke. “Jabu has a wealth of
experience as a prominent business leader across the private and
public sectors in Africa, including a strong track record with
corporate turnarounds and we look forward to benefiting from his
guidance.”
“Similarly, Ali’s direct experience in global
fintech and his extensive network will be invaluable as Net1 looks
to introduce new fintech products, scale its operations in South
Africa and expand in other international markets,” he added.
“I am also very pleased to welcome Antony back
to our Board after eight years. He is intimately familiar with
Net1, its products and its markets. We look forward to
constructively engaging with Antony and VCP through the next
exciting phase of Net1’s development,” he concluded.
About Net1 (www.net1.com)
Net1 is a multinational financial technology
company with a presence in Africa, Asia and Europe. Net1 leverages
its proprietary banking and payment technology to distribute
low-cost financial and value-added services to underbanked
consumers and small businesses. The Company also provides
transaction processing services, including being a leading payment
processor and bill payment platform in South Africa. Net1 leverages
its strategic investments in banks, telecom and mobile payment
technology companies to further expand its product offerings or to
enter new markets. Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Investor Relations Contact:
Dhruv Chopra Group Vice President, Investor Relations Phone: +1
917-767-6722 Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt Business Director – BCW Phone: +27-82-610-0650
Email: Bridget.vonholdt@bcw-global.com
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