JOHANNESBURG–(BUSINESS WIRE)–Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that it has repurchased approximately 250,000 of the Company’s common shares in May 2023, at a price of $3.26 per share (ZAR 62.08 per share using the relevant USD: ZAR exchange rate).
Lesaka Group CEO Chris Meyer said: “We reported another quarter of growth and transformation last week, driven by the acquisition of the Connect Group in our Merchant Division and the successful turnaround in our Consumer Division, despite the persistently challenging economic environment.
Our focus is to increase shareholder value by strategically allocating capital to grow our business while maintaining an appropriate capital structure. We are continuously evaluating investing for growth against share buyback opportunities to enhance long-term shareholder value.
We believe this repurchase reflects the confidence of Lesaka’s Board and management team regarding our outlook. Lesaka is well positioned to benefit from the exponential secular demand for innovative fintech solutions that are transforming South Africa’s highly cash-driven informal economy.
The continued digitalization of South Africa’s informal economy serves as a durable catalyst for our business but ultimately our success is built on the success of our customers.”
About Lesaka (www.lesakatech.com)
Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to formal and informal retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa. The Lesaka journey originally began as “Net1” in 1997 and later rebranded to Lesaka (2022), with the acquisition of Connect. As Lesaka, the business continues to grow its systems and capabilities to deliver meaningful fintech-enabled, innovative solutions for South Africa’s merchant and consumer markets.
Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for additional information about Lesaka Technologies (Lesaka ™).
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Rob Fink / Matt Chesler, CFA