29th Jul 2020 12:12
(Alliance News) - Network International Holdings PLC on Wednesday said it has raised GBP205 million through the placing of 50 million shares at 410 pence each.
Shares in the payments solutions provider were trading 10% lower at 403.80p each on Wednesday morning in London, giving it a market capitalisation of GBP2.02 billion.
The placing price represents an 8.9% discount to the Tuesday close of 450p. The new shares represent around 10% of the company's current issued share capital.
London-headquartered Network International said the cash realised from the placing which was announced on Tuesday will be used to help fund the USD288 million acquisition of African online commerce platform DPO Group.
The acquisition is expected to consolidate and accelerate its presence in Africa, the most under-penetrated and fast-growing payments market in the world, it said. In addition, Africa is expected to represent 40% of Network International total revenue by 2024 giving the company an evenly balanced business in Africa across Merchant and Issuer Solution, it added.
Following admission, Network International will have 550 million shares in issue.
By Ife Taiwo; [email protected]
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