GSTechnologies Ltd Completion of the Disposal of EMS Wiring Systems (8399B)

TIDMGST

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     gst@investor-focus.co.uk 
 Chandler

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISGUBDGBBGDGDU

(END) Dow Jones Newswires

October 05, 2022 02:00 ET (06:00 GMT)

Gstechnologies (LSE:GST)
Historical Stock Chart
From Jun 2024 to Jul 2024