REG - GSTechnologies Ltd - Completion of the Disposal of EMS Wiring Systems

Jarvis SecuritiesAnnouncement

05/10/2022 09:33

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RNS Number : 8399B  GSTechnologies Ltd  05 October 2022

5 October 2022

GSTechnologies Limited

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

Completion of the Disposal of EMS Wiring Systems

 

GSTechnologies Limited (LSE: GST), the fintech and information technology
solutions company, is pleased to announce that further to the announcement on
18 July 2022, the Company has completed the disposal of its subsidiary, EMS
Wiring Systems Pte. Ltd ("EMS"), to Teo Chiah Chiu Raphael ("Raphael Teo"),
the Chairman of EMS (the "Disposal").

As previously announced, the consideration payable by Raphael Teo for the
entire issued share capital of EMS was the transfer to the Company, by way of
a share buyback, 60,000,000 ordinary shares of no par value in GST held by him
(the "Consideration Shares").  Completion of the Disposal was conditional,
inter alia, on completion of the buyback of the Consideration Shares, and the
Company and EMS entering into a deed of agreement to waive all outstanding
liabilities between the Company and EMS.  All conditions have now been
satisfied and accordingly the Disposal has completed.  The Company intends to
hold the Consideration Shares in treasury for future issue or cancellation in
due course.

Total Voting Rights

Following the completion of the Disposal, the Company has 1,548,558,192 shares
of no par value ("Shares") in issue, each with one voting right.  There are
60,000,000 Shares held in treasury. Therefore, the Company's total number of
voting rights is 1,488,558,192 and this figure may be used by shareholders as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

 The Company
 Tone Goh, Executive Chairman                            +65 6444 2988
 Financial Adviser
 VSA Capital Limited                                     +44 (0)20 3005 5000
 Simon Barton / Pascal Wiese
 Broker
 OvalX                                                   +44 (0)20 7392 1400
 Tom Curran / Thomas Smith
 Financial PR & Investor Relations
 IFC Advisory Limited                                    +44 20 (0) 3934 6630

 Tim Metcalfe / Graham Herring / Florence Chandler       gst@investor-focus.co.uk

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

 

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