REG - GSTechnologies Ltd - Notice of Arbitration on Semnet Pte. Ltd.

GSTechnologiesAnnouncement

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RNS Number : 5697R  GSTechnologies Ltd  18 July 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.

 

18 July 2025

 

GSTechnologies Limited

 

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

 

Notice of Arbitration on Semnet Pte. Ltd.

GSTechnologies Limited (LSE: GST), the fintech company, has issued a notice of
arbitration to Choo Seet EE and Zheng Kang Wen Mervyn (the "Sellers"), the
sellers of Semnet Pte. Ltd. ("Semnet") as set out in the Sale and Purchase
Agreement dated 5 December 2023, pursuant to which the Company acquired 66.67%
of the issued share capital of Semnet (as announced on 6 December 2023) (the
"SPA"). The notice of arbitration has been sent in accordance with the
provisions of the SPA and sets out that the Company considers that the Sellers
have acted in breach of their non-complete undertakings owed to the Company,
and also acted in breach of their express obligations owned to Semnet as
employees, which if the arbitration is resolved in the Company's favour, is
expected to result in a recovery of profits for Semnet.

The Company intends to follow the arbitration process and cannot comment any
further on these issues at this stage, as to do so may prejudice the Company's
position in the arbitration. Any relevant announcements in this regard will be
made at the appropriate time.

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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