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Lesaka Technologies Inc. (NASDAQ:LSAK) has completed the sale of its entire equity interest in One Mobikwik Systems Limited on the Indian Stock Exchange, the company announced Monday in a press release statement filed with the SEC.
The transaction was finalized through Lesaka’s wholly owned subsidiary, Net 1 Applied Technologies B.V., Netherlands, on June 26. The sale generated net cash proceeds of approximately ZAR 290 million, which is equivalent to $16.3 million based on an exchange rate of $1 to ZAR 17.75.
According to the filing, the contractual lock-up period for the Mobikwik investment expired on June 18. Lesaka had previously disclosed its intention to monetize the investment after the lock-up period ended, as Mobikwik was considered a non-core asset.
The company stated that the net cash proceeds from the sale will be used for general corporate purposes, including strengthening its balance sheet and reducing consolidated group debt.
Lesaka Technologies is incorporated in Florida and its principal executive offices are located in Johannesburg, South Africa. The company’s common shares are traded on the NASDAQ Global Select Market under the ticker LSAK.
All information is based on a press release statement included in a recent SEC filing.
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