REG - GSTechnologies Ltd - Acquisition Updates

GSTechnologiesAnnouncement

09/07/2024 07:00

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RNS Number : 5727V  GSTechnologies Ltd  09 July 2024

9 July 2024

 

GSTechnologies Limited

 

("GST" or the "Company")

 

Acquisition Updates

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce
that it has entered into a conditional agreement to acquire the entire issued
share capital of Bonfirepay SL ("Bonfirepay"), a company incorporated and
operating under the laws of Spain.  This acquisition is expected to be a
significant step in the Company's planned strategic expansion across Europe.

The acquisition of Bonfirepay is aimed at enhancing Angra Global's B2B-focused
cross-border payments and currency exchange services throughout the European
Economic Area (EEA).  Having a presence in Spain, through Bonfirepay, will
enable Angra Global to collaborate with a broader network of European banks,
non-banking financial institutions, and foreign currency providers, thereby
reducing remittance costs and accelerating revenue growth.

The completion of the acquisition is conditional on the finalisation of
Bonfirepay's registration as a Small Payment Institution (SPI) with the
central bank of Spain.

Tone Goh, Chairman of GST, commented: "There are an estimated 24.4 million
small to mid-size businesses operating across the EU.  This acquisition will
enable us to expedite our mission to make cross-border payments faster,
cheaper, and more transparent for millions of European businesses.  I look
forward to providing further updates in due course as we continue to rapidly
expand our network and fintech offerings in Europe."

EasySend Acquisition Update

The Company is also pleased to provide an update on the acquisition of 60% of
the share capital of EasySend Ltd ("EasySend"), as announced on 29 November
2023.  The parties have mutually agreed to extend the period for entering
into a definitive sale and purchase agreement until 30 November 2024.  This
extension will allow both parties time to refine the post-acquisition
integration plan to ensure the acquisition aligns with GST's strategic
objectives.

As part of the preparation, the seller is working on a comprehensive business
plan for Angra Global's expansion into Poland.  The Polish market represents
a significant opportunity for Angra Global, and EasySend's expertise and
resources are expected to play a pivotal role in this expansion.

Apart from the extension, all other terms and conditions in the option to
purchase agreement, as previously announced, remain unchanged and both parties
remain committed to successfully completing the acquisition.

Further announcements will be made regarding the progress of both acquisitions
in due course.

Enquiries:

 

The Company

Tone Goh, Executive Chairman

+61 8 6189 8531

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

 

For more information please see: https://gstechnologies.co.uk/
(https://gstechnologies.co.uk/)

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