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(Alliance News) - GSTechnologies Ltd shares surged on Friday after it said that the UK Financial Conduct Authority approved the change of control of Angra Ltd, allowing the firm to complete its GBP800,000 acquisition.
Shares were up 60% at 2.46 pence each on Friday midday in London.
The Milton Keynes, England-based fintech and information technology firm said its acquisition of Angra was only conditional on obtaining the FCA change of control approval. As such, it will proceed with the customary completion mechanics to formally complete the acquisition.
GSTechnologies plans to utilise Angra as the basis to build the UK arm of its planned blockchain-enabled neobanking business.
Angra is a London-based foreign exchange and payment services provider. The business is an FCA approved authorised payment institution.
GSTechnologies is acquiring Angra from its director and sole shareholder Rodolfo Basilio, but intends to keep Basilio and current employees in the company.
"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," GST Chair Tone Goh commented.
"We are continuing to rapidly progress our fintech plans, in conjunction with our collaboration partner, Wise MPay Ltd, and I look forward to providing further updates in due course."
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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