REG - GSTechnologies Ltd - Corporate Update

GSTechnologiesAnnouncement

27/03/2025 07:15

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RNS Number : 3881C  GSTechnologies Ltd  27 March 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
(EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE
OF THE EU (WITHDRAWAL) ACT 2018.

 

27 March 2025

 

GSTechnologies Limited

 

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

 

Corporate Update

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to provide
an update on developments at the Company as it continues to make significant
progress on developing a borderless neobanking platform providing
next-generation digital money solutions, both organically and through
complementary acquisitions.

Highlights

●     The integration of the Bake Cryptocurrency Platform into the
Group's digital asset arm, GS Fintech, has been successfully completed.

 

●   Legally binding sale and purchase agreement signed to acquire 100% of
Metapay SP. Z.O.O, a company incorporated in Poland which holds a Small
Payment Institution licence.  The acquisition, completion of which is subject
to the necessary regulatory approvals, is in line with GST's strategy to
enhance its footprint in domestic and cross border payment services across
Europe.

 

●   Trading within GS Fintech's digital asset business continue to
perform in line with management's expectations.  The Group remains focused on
optimising efficiencies and rolling out new product features.

 

Bake Cryptocurrency Platform

On 2 January 2025 the Company announced the successful completion of the
acquisition of the business and assets of Cake Pte Ltd and Cake DeFi UAB
(together "CAKE"), including the Bake Cryptocurrency Platform ("Bake").  The
acquisition was an important milestone for GST, accelerating the Company's
digital asset strategy and positioning the Company for future growth in the
rapidly evolving digital asset ecosystem.

The Company is pleased to confirm that the integration of the Bake
Cryptocurrency Platform into the Group's digital asset arm, GS Fintech, has
been successfully completed, in line with the expected timeframe announced at
the time of the acquisition.

In addition, the Group's developmental roadmap for its digital asset business
has been further progressed, including the consolidation of backend systems
between Bake and the GS20 Exchange.  The Company is also actively developing
new product features on Bake to expand its service offerings for both retail
and institutional clients.  These developments are on track and will be
rolled out in due course.

The Company has also appointed Response Legal to assist in securing a Markets
in Crypto-Assets (MiCA) licence.  The Company is confident in achieving a
positive result, expected in the second half of 2025, further strengthening
its position in the European digital asset market.

 

Trading operations within GS Fintech's digital asset business continue to
perform in line with management's expectations.  The Group remains focused on
optimising efficiencies and rolling out new product features.

Acquisition of Metapay

The Group has entered into a legally binding sale and purchase agreement
("SPA") to acquire 100% of Metapay SP. Z.O.O ("Metapay"), a company
incorporated in Poland.  Metapay holds a Small Payment Institution ("SPI")
licence and is registered under the Polish Act on Payment Services with
MIP260/2025 status.  The acquisition, completion of which is subject to the
necessary regulatory approvals, is in line with GST's strategy to enhance its
footprint in domestic and cross border payment services across Europe.

 

The required change of control process is currently underway and
post-completion, it is the Company's intention that Metapay will be renamed as
Angra Limited Z.O.O.

Further updates will be announced in due course as the process advances.

Strategic Focus on Integrated Financial Services

Following the successful integration of the Bake Cryptocurrency Platform into
the Group's digital asset arm, GS Fintech, and a significant expansion of the
Group's regulated financial services footprint across Europe, the GST Board
has reviewed the Group's current strategic priorities.

On 29 November 2023, the Company entered into an option to purchase agreement
to acquire 60% of the share capital of EasySend Ltd ("EasySend"), a Northern
Ireland incorporated company operating a cross-border payments business.
After careful consideration, the GST Board has determined that there is no
urgent need to proceed with the acquisition of EasySend at this time.
Therefore any completion of the acquisition of 60% of EasySend has been
postponed and the GST Board will continue to monitor the appropriateness of
EasySend joining the Group.  This decision reflects the Company's commitment
to enhancing shareholder value through disciplined capital allocation and
operational efficiencies.

Additionally, in light of the SPA entered into to acquire Metapay, GST has
made the strategic decision not to proceed with the previously considered
acquisition of Bonfirepay SL in Spain.

Tone Goh, Chairman of GST, commented: "I am delighted that the integration of
the Bake Cryptocurrency platform into the Group's digital asset arm, GS
Fintech, has been successfully completed on time and in line with our
expectations.

"Following this successful integration and a significant expansion of the
Group's regulated financial services footprint across Europe, we have reviewed
the Group's current strategic priorities.  Metapay fits very well with these
and is considered to be easier to integrate within the Group and to provide a
more appropriate route to maximising value than other acquisitions we have
recently been considering.

"GST is focused on maximising the value of its existing portfolio by
strategically deploying resources towards growth and expansion within its
current regulated financial services businesses, together with undertaking
appropriate acquisitions as they are presented, and I am delighted with the
progress we are making.  I look forward to providing further updates on the
Group's operations and strategic initiatives in due course."

Enquiries:

 

The Company

Tone Goh, Executive Chairman

+65 6444 2988

 

Financial Adviser

First Sentinel Corporate Finance

+44 (0)20 3855 5551  

Brian Stockbridge / Gabrielle Cordeiro

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Staton

+44 20 (0) 3934 6630

 

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

 

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