Opera monetizes part of its OPay stake

Rhea-AI Summary

On June 10, 2021, Opera Limited (Nasdaq: OPRA) announced the monetization of 29% of its stake in OPay Limited, generating a gain of US$31.1 million. This decision reflects the company's confidence in OPay's rapid growth as a prominent African fintech. Opera retains 71% of its OPay shares to continue benefiting from future growth. CFO Frode Jacobsen emphasized this strategic move highlights the value created for shareholders through focused investments in companies with familiar business models.

Positive

• Monetized 29% of OPay stake, resulting in a gain of US$31.1 million.
• Retained 71% stake in OPay, indicating confidence in its growth.

Negative

• None.

OSLO, Norway, June 10, 2021 /PRNewswire/ -- Opera Limited (Nasdaq: OPRA) ("Opera"), one of the world's largest internet consumer brands with hundreds of millions of users worldwide, announced that it has monetized 29% of its stake in OPay Limited ("OPay"), resulting in a gain of US$31.1 million versus the carrying amount of the shares sold.

"We are impressed with OPay's rapid growth and its emergence as a leading African fintech company," commented Mr. Frode Jacobsen, CFO of Opera. "At this time, Opera has decided to realize gains on 29% of its OPay ownership, while retaining 71% of its shares as OPay continues its growth journey. This transaction demonstrates the value Opera has created for its shareholders also beyond its core growth business, through concentrated investments in companies whose business models and markets we understand well - including OPay, Nanobank, and Starmaker."

About Opera

Opera is a global web innovator. Opera's browsers, news products and fintech solutions are the trusted choice of hundreds of millions of users worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchange (OPRA). Download the Opera browser from www.opera.com.

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SOURCE Opera Limited

FAQ

What did Opera Limited announce on June 10, 2021 regarding OPay?

Opera Limited announced the monetization of 29% of its stake in OPay, realizing a gain of US$31.1 million.

How much of its OPay stake did Opera retain after monetization?

Opera retained 71% of its stake in OPay after monetizing 29%.

What is the significance of Opera's investment in OPay?

Opera's investment in OPay underscores its strategy to create shareholder value through investments in familiar markets and business models.

What was the financial outcome of Opera's sale of OPay shares?

The financial outcome of selling 29% of its OPay stake was a gain of US$31.1 million.