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GSTechnologies Ltd - Milton Keynes, England-based fintech and information technology company - Enters into a binding agreement to sell its subsidiary EMS Wiring Systems Pte Ltd to EMS's chair, Teo Chiah Chiu Raphael. The consideration payable by Raphael Teo comprises the return of 60.0 million GST shares. At last Friday's closing mid-price of 1.09 pence per share, the consideration shares are valued at £654,000 and represent roughly 3.9% of its share capital. Explains that the disposal will enable it to remove a loss-making, non-cores subsidiary and to focus its efforts on building a blockchain-enabled neo-banking business.
In the year ended March 31, 2021, EMS had sales of $2.8 million and made a net loss of $140,000.
Current stock price: 1.08 pence
12-month change: down 1.5%
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