Published: 11 May 2021
Net1 International – Divestment of the Philippines operation
Oslo, 11 May 2021 – Net1 International Holdings AS (“Net1 AS” or the “Group”, NOTC Ticker: Net1) has entered into an agreement to divest its share in Broadband Everywhere Corporation, to its local partner, Citadel Holdings Inc.
All necessary conditions for the transaction have been met and the transaction has been completed. The parties have agreed not to communicate the value of the transaction.
The majority of the sale proceeds will be used to pay down some of the existing outstanding shareholder loans from Rasmussengruppen and Sampoerna and the remaining amount will be re-invested into Net1 International’s Indonesian operation.
“This transaction is in line with our strengthened strategic focus on the Indonesian market and will provide us with enough funding until a proposed capital raise in July”, says JD Fouchard, Interim CEO of Net1 International.
The divestment was approved unanimously by the board of Net1 AS.
ABOUT NET1 INTERNATIONAL
Net1 International has investments in 4G LTE operations in Indonesia.
Indonesia has a population of 261 million, and Net1 Indonesia has a total 15MHz of bandwidth on the LTE-enabled 450MHz band.
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