Druces’ Corporate and Capital Markets team has advised GSTechnologies Ltd, in connection with an agreement to sell its subsidiary, EMS Wiring Systems Pte. Ltd, to EMS Chairman, Raphael Teo.
The binding agreement, dated 17th July, will see GST dispose of EMS in its entirety, in consideration for the return of the 60m GST shares, currently held by RT.
The sale is in line with GST’s stated strategy: renewing its focus on its core blockchain and neobanking business while, at the same time, effecting a disposal of the non-core EMS business (which operates in the infrastructure development sector in Singapore). When the transaction completes, fintech will be GST’s sole focus.
GSTechnologies (LON:GST) overall development of the group includes large customer accounts and growing their blockchain payment and financial services business, with blue sky opportunities in new Disruptive Technologies with synergy to their existing business.