# GSTechnologies to acquire foreign exchange and payment services company Angra Limited

- Link: https://www.directorstalkinterviews.com/gstechnologies-to-acquire-foreign-exchange-and-payment-services-company-angra-limited/4121026389
- Published: 2021-10-05T07:24:06+01:00
- Author: Giles

**GSTechnologies Ltd **(LON:GST), the integrated information and communication technology
infrastructure solutions provider, has announced that the Company has entered into
a conditional agreement to acquire the whole of the issued share capital of Angra
Limited, a UK-based foreign exchange and payment services company.

Angra, which operates under the AngraFX brand name, is a Financial Conduct Authority
approved Authorised Payment Institution, conducting fast, secure and low-cost foreign
exchange business and payment services internationally.  In the year ended 30 September
2020 Angra transacted business to the value of £64.0 million.

The Company is acquiring Angra from its director and sole shareholder Rodolfo Modesto
Basilio.  It is GST’s intention that Rodolfo and the current management and employees
of Angra will remain with the Company.

The Company will conditionally acquire 100% of the issued share capital of Angra
and, in addition, the Seller will assign his £100,000 loan to Angra to the Company
for a nominal consideration.  Consideration for the Acquisition is £800,000 payable
in cash upon completion.  In its most recent published accounts to 30 September 
2020, Angra reported gross assets of £1.7 million of which £0.47 million was cash.
For the year to 30 September 2020, Angra reported profit before tax of approximately
£69,000.

Completion of the Acquisition is conditional, _inter alia_, on final due diligence,
which is expected to be completed by GST by 31 October 2021, and also on GST obtaining
approval from the FCA for the change of control of Angra, a regulated entity.  Further
announcements will be made on the progress of the Acquisition in due course.

The Company stated in its recent prospectus, published on 6 September 2021, that
it intended to seek an API licence in order to be able to connect to traditional
banking payment systems and agent networks, operate a remittance business in the
UK and grow revenues from the stablecoin network and applications that are being
developed from the collaboration with Wise MPay, announced earlier this year.  Given
the Company’s conditional acquisition of Angra, which is already an FCA-approved
API, the Company will not now continue its own process to obtain a separate API 
licence as it is expected that this will not be required.

Further announcements will be made as appropriate.

> **Tone Goh, Chairman of GSTechnologies, commented**: “We are very pleased to have
> reached an agreement with Angra.  The acquisition of Angra, based in London, is
> intended to accelerate the development of our blockchain enabled neobanking business.
> Subject to the completion of our remaining due diligence, and the receipt of FCA
> approval, the acquisition of Angra will provide an established base on which to
> build our planned UK business.
> “With the proceeds of our recent successful fundraising we continue to rapidly
> progress our fintech plans, in conjunction with our collaboration partner, Wise
> MPay.  I look forward to providing further updates in due course.”

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