GSTechnologies Limited (LON:GST), the fintech and information technology solutions company, has announced 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, the Chairman of EMS.
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, GSTechnologies has 1,548,558,192 shares of no par value 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.