Statement on Central Bank of UAE notice

RNS Number : 2370G

Network International Holdings PLC

16 March 2020

 

Network International Holdings Plc

Statement on Central Bank of UAE notice

Network International Holdings Plc (LSE: NETW) (the "Company"), the leading enabler of digital commerce across the Middle East and Africa (MEA), announces that on 14 March the Central Bank of the UAE (the "Central Bank") published a notice setting out certain steps it intends to take to respond to the COVID-19 outbreak. One of the measures outlined indicated that the Central Bank intends to adopt new regulations with the objective of lowering the costs incurred by merchants when their customers pay for goods/services using debit or credit cards.  A large proportion of the fees paid by the merchants pertains to the interchange fees, which are typically pass through cost for the Company.

 Network International is  currently unable to assess the impact, if any, these measures  may have on its business until further details are made available.

Investor Relations enquiries

Network International  [e-mail]

Amie Gramlick, Head of Investor Relations    

Media enquiries

Finsbury   [e-mail]

Andy Parnis, Rob Allen   

 

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