Company Name: Star Payment Systems
Announcement Date: 24/08/2017
Announcement Category: Team Update
Announcement Content:
Stargroup Ltd's (ASX:STL) investment in a private South Korean company is providing a positive valuation addition to its portfolio.
Stargroup owns 11.28% of NeoICP Korea Inc.
NeoICP has delivered full year results with further strong gross revenues of A$23,785,081, an EBITDA of A$2,151,031 and a net profit after tax of A$1,529,054.
The net assets of NeoICP were $16,732,547 as at the 30th June 2017.
Todd Zani, chief executive officer and executive chairman for Stargroup, commented:
"Stargroup is pleased with the excellent 2017 results posted by NeoICP and they have significantly increased their market share of ATMs and back office technologies in South Korea in 2017 on the back of what was also an outstanding result in 2016.
"The NeoICP revenues have increased by more than 20% since 2015.
"We are the only ATM deployer in Australia that has a direct ownership interest in its manufacturer and we believe that this is an excellent investment and have upwardly revalued this investment in our 2017 results.
"The reciprocal shareholdings between Stargroup and NeoICP sets us apart in the ATM market place and as advised last week we are looking to distribute further technologies manufactured by NeoICP in Australia and also internationally on the back of the launch of these technologies at last week’s Australasian Gaming Expo in Sydney.
Announcement URL: http://www.proactiveinvestors.com.au/companies/news/182832/stargroup-s-investment-in-south-korean-company-upwardly-revalued-182832.html
About Star Payment Systems:
Financial technology company Stargroup Limited is the only ASX listed company deploying ATM machines in Australia and importantly, the only listed ATM company having a direct ownership interest in the manufacturer of its ATM technologies, namely NeoICP, a South Korean private company.
Stargroup Limited became the exclusive distributor of the cashPod ATM range including the recycler ATM, back office and payment technologies in Australia for the next 5 years on 7 August 2015.
Stargroup Limited, via its wholly owned subsidiaries, StarPOS and StarApps, is also an EFTPOS and payWave technologies provider and developer of the source code in its terminals via its 5 year distribution agreement with West International AB, a Swedish NASDAQ listed company, to distribute next generation EFTPOS payment terminals and solutions in Australian and New Zealand.
Go to Company Profile for: Star Payment Systems
Announcement Contact: [email protected]
