Business
Results for the year ended 31 March 2022
Results for the year ended 31 March 2022.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n \n \n 28 July 2022\n \n \n GSTechnologies Limited\n \n \n \n \n \n (\"GST\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Results for the year ended 31 March 2022\n \n \n \n \n \n \n \n \n GSTechnologies Limited (LSE: GST), the fintech and information technology solutions company, is pleased to\n announce the Company's audited results for the year ended 31 March 2022.\n \n \n \n \n \n \n \n \n \n \n \n Period Highlights \n \n \n \n \n \n \n ·\n Focus on\n the Company's expansion into blockchain-related technologies, specifically its plans to launch a borderless neobanking platform providing next-generation digital money solutions\n \n \n ·\n Collaboration agreement signed with Wise MPay to provide the Company with software and services to facilitate the Company's fintech plans\n \n \n ·\n Completion of the acquisition of Angra Limited, a UK-based foreign exchange and payment services company\n \n \n ·\n Entering into a legally binding sale and purchase agreement to acquire the whole of the issued share capital of UAB Glindala, a holder of a Crypto Currency Exchange Licence registered in Lithuania\n \n \n ·\n Appointment of Jack Bai as CEO, Shayne Tan as COO and Galvin Bai as an Executive Director\n \n \n ·\n Three equity fund raises, each at incrementally higher prices, providing gross proceeds of £3.74 million to fund the Group's fintech expansion plans\n \n \n \n \n \n \n \n \n \n \n \n \n \n Post Period Highlights \n \n \n \n \n \n \n ·\n On 17 July 2022 the Company entered into a binding agreement to sell EMS Wiring Systems\n \n \n ·\n Significant further progress in implementing the Group's stated strategy to roll-out a suite of offerings under its GS Money banner\n \n \n \n \n \n \n \n \n CHAIRMAN'S STATEMENT\n \n \n \n \n \n \n \n \n During the year, the primary focus of the Group was on developing the 'GS Fintech' subsidiaries in the UK and Singapore, established just before the start of the financial year. This involves the Company's expansion into blockchain-related technologies, specifically its plans to launch a borderless neobanking platform providing next-generation digital money solutions. This expansion was undertaken whilst still retaining sufficient focus on our EMS Wiring Systems Pte Ltd (\"EMS Wiring Systems\") bus...