(Alliance News) - Network International Holdings PLC on Wednesday announced the sale of its 50% shareholding in Transguard Cash LLC to Transguard Group LLC for about USD74 million.
Transguard Cash is a subsidiary of Transguard Group, a Dubai-based outsourcing company offering cash, security and manpower services.
In 2020, Network International netted USD9.7 million earnings before earnings before interest, taxes, depreciation, and amortization from its stake in TG Cash, a provider of ATM and cash management services. The firm noted its exit from TG Cash will have no impact on its revenue growth and Ebitda margin.
Network International said TG Cash is "not aligned" with its digital payments strategy.
"The exit enables a greater focus of our business activities to our digital payments purpose; and proceeds from the sale will be deployed in the future to higher growth and value enhancing opportunities," the company added.
Shares were down 0.8% at 308.20 pence on Wednesday in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Network International (NETW)