Network International shares slump amid COVID-19 uncertainty

Shares in digital commerce enabler Network International slumped on Monday morning after the Central Bank of the United Arab Emirates published a notice setting out certain steps it intends to take to respond to the COVID-19 outbreak.

Network International noted that one of the measures outlined indicated that the Central Bank would look to adopt new regulations with the objective of lowering costs incurred by merchants when customers had paid for goods and 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," said the FTSE 250-listed firm.

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

As of 0845 GMT, Network International shares were down 8.78% at 395p.