(Alliance News) - GSTechnologies Ltd on Tuesday said it has entered into a conditional agreement to buy Angra Ltd for GBP800,000 cash.
Milton Keynes-based GSTechnologies provides wireless, electronic cabling, security, and other services to clients in infrastructure development, while Angra is a London-based foreign exchange and payment services provider.
GSTechnologies shares were up 9.4% at 1.18 pence in London on Tuesday afternoon.
The acquisition is conditional on GSTechnologies obtaining Financial Conduct Authority approval for the change of control of Angra, which is a regulated company.
GSTechnologies is acquiring Angra from its director and sole shareholder Rodolfo Basilio, but intends to keep Basilio and current employees in the company.
Basilio will assign a GBP100,000 loan to GSTechnologies for a nominal consideration.
"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," said Chair Tone Goh.
Last month, ​​GSTechnologies raised GBP1.4 million in a share placing to develop its existing information and communications technology, as well as a range of fintech services using blockchain technology.
By Josie O'Brien; josieobrien@alliancenews.com
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Gstechnologies (GST)