Shares in GSTechnologies jump after FCA approves Angra acquisition

Shares in GSTechnologies (GST) are trading over 55% higher during late morning trading after the fintech and information technology solutions company received FCA approval for the change of control of the UK-based foreign exchange and payment services company, Angra. 

The change of control means that GSTechnologies can now bring its existing conditional agreement to acquire the whole of the issued share capital of Angra into completion.

The company announced back in October 2021 that it had entered into the conditional agreement to acquire Angra, an FCA- approved Authorised Payment Institution conducting ‘fast, secure and low-cost foreign exchange business and payment services internationally.’ 

The completion of the acquisition was conditional, inter alia, on final due diligence and also on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity. 

GST reported a ‘satisfactory’ conclusion of the due diligence exercise in November 2021 and today, following the change of control of Angra following FCA approval, the company can now proceed with customary completion mechanics in order to formally complete the acquisition.

Shares in GSTechnologies were trading 57.00% higher at 2.41p following today’s news.

The completion of the acquisition will enable GST to utilise Angra ‘as the basis on which to build the UK arm of its planned blockchain-enabled neobanking business based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.’

Tone Goh, Chairman of GST, commented: "We are very pleased to have received FCA approval for the change of control of Angra.  Angra, based in London, will form a cornerstone for the development of our blockchain enabled neobanking business, providing an established, appropriately regulated, base on which to build our planned UK business.”

“We are continuing to rapidly progress our fintech plans, in conjunction with our collaboration partner, Wise MPay, and I look forward to providing further updates in due course."

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