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Ali Mazanderani, Executive Chairman of Lesaka Technologies Inc. (NASDAQ:LSAK), has increased his stake in the company by purchasing a total of 41,612 shares of common stock. The transactions, which took place on March 25 and 26, amounted to a total value of $205,480. The shares were acquired at a price range between $4.93 and $4.94 per share. The timing appears favorable, as InvestingPro data shows the stock has gained over 8% in the past week, with the current price at $5.02.
Following these purchases, Mazanderani now holds a total of 438,896 shares in the company. These acquisitions were reported in a recent SEC filing, which detailed the transactions without any involvement of equity swaps. The weighted average prices for the transactions were noted, with the purchase prices ranging from $4.80 to $5.00 across the reported days. According to InvestingPro analysis, the company maintains a FAIR financial health score, with a market capitalization of $381 million. Get access to 12+ additional exclusive ProTips and comprehensive financial metrics with InvestingPro.
Mazanderani’s increased holdings reflect his continued investment in Lesaka Technologies, a company involved in functions related to depository banking. The company has shown revenue growth of 5.4% over the last twelve months, though it currently operates with a modest gross profit margin of 25%.
In other recent news, Lesaka Technologies Inc. has secured new loan facilities as part of a strategic financial restructuring. The company, along with its subsidiary Lesaka Technologies Proprietary Limited and other subsidiaries, entered into a Common Terms Agreement with FirstRand Bank Limited and Investec (LON:INVP) Bank Limited. This agreement includes a term loan of approximately 2.16 billion South African Rand and an amortizing loan up to 1 billion ZAR, alongside a general banking facility of up to 700.9 million ZAR. The loans are designed to refinance existing debts and cover transaction costs, with interest rates based on the Johannesburg Interbank Agreed Rate plus a margin that adjusts according to Lesaka’s debt to EBITDA ratio.
The term loan and amortizing loan were fully utilized on February 28, 2025, with the latter set for repayment in four annual installments starting in February 2026. The general banking facility is intended to provide Lesaka with working capital and corporate expenditure support, subject to annual review. Additionally, Lesaka entered into a Pledge and Cession Agreement, pledging equity interests and banking account interests as collateral for its guarantee obligations. A Subordination Agreement was also signed, prioritizing the repayment of the new facilities over certain intercompany claims. These developments are crucial for Lesaka’s ongoing operations and corporate activities.
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