REG - GSTechnologies Ltd - Acquisition of PAYPT Finance Ltd

GSTechnologiesAnnouncement

20/07/2023 07:00

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RNS Number : 5835G  GSTechnologies Ltd  20 July 2023

20 July 2023

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Acquisition of PAYPT Finance Ltd

 

The Acquisition will facilitate Angra's transformation into a B2B-focused
Neobank

 

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce
that the Company has entered into a legally binding sale and purchase
agreement to acquire the entire issued share capital of PAYPT Finance Ltd
("PAYPT"), a Canadian company holding a Canadian Money Services Business
("MSB") licence (the "Acquisition"). The Acquisition is subject to approval by
the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC"),
the regulatory authority overseeing financial transactions in Canada.

The MSB license held by PAYPT encompasses a range of financial activities,
including: foreign exchange dealing; cryptoasset dealing; money transfer
services; and authorizations for the issuance of debit cards and IBANs.

Subject to FINTRAC's approval of the change of control, the Group plans to
rename PAYPT to Angra Global Ltd ("Angra Global"), signifying the Group's
strategic intention for Angra's transformation into a B2B-focused Neobank.

Assuming the successful completion of the Acquisition, following the change of
control process, Angra Global would be combined with the Group's existing
UK-based foreign exchange and payment services company, Angra Limited
("Angra"), paving the way for the Group to launch a multi-currency e-wallet
service. This service will enable Angra customers to securely store their
funds within Angra Global business accounts and facilitate seamless foreign
exchange conversions and fund transfers through Angra's established and
reliable banking partnerships, akin to a conventional business bank account.

Additionally, the MSB licence would enable Angra to issue Sterling local
accounts and Euro SEPA IBAN accounts to its clients, thereby providing a
comprehensive one-stop business banking solution.

Aligned with its overarching strategy, the Group aims to accelerate Angra's
revenue while simultaneously bolstering the Angra team to expand its B2B
Neobank operations beyond the UK, serving companies of all sizes worldwide.

Tone Goh, Chairman of GST, Chairman of GST, commented: "Following the
successful integration of Angra in the UK into GST's fintech operations, the
Acquisition will enable the Group to significantly expand its innovative
offerings as we seek to provide a comprehensive financial service hub to all
of our B2B customers. The Acquisition marks a further significant milestone in
our journey.

"We look forward to updating all stakeholders on the progress of this
acquisition and the subsequent transformation of Angra into a B2B Neobank in
due course."

Enquiries:

The Company

Tone Goh, Executive Chairman

+65 6444 2988

 

Financial Adviser

VSA Capital Limited

+44 (0)20 3005 5000

Simon Barton / Thomas Jackson

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630

gst@investor-focus.co.uk

 

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