RE: If SEMNET $4.5MIL drops shortly this can fly to 3.00p and over.2 Apr 2026 07:53
Semnet
The Group acquired 66.66% of the share capital of Semnet Pte Ltd ("Semnet"), a cybersecurity company based in Singapore, just prior to the start of FY25 on 29 February 2024. Semnet is a cybersecurity business that is providing the Company with expertise and licences that are a critical component to the advancement of the Company's GS Money and B2B Neobanking operations. Semnet has been successfully integrated into the Group's operations and the Semnet team's experience and capabilities are adding significant value to the Group's operations, particularly through enhanced cybersecurity support, which is of particular importance to both the Company's developing global neobank ecosystem under Angra Global, and the GS20 Exchange and Bake cryptocurrency operations.
In addition to assisting Group companies, Semnet services a wide variety of external customers. The business traded in line with GST's expectations during FY25 and the management team has been strengthened during the year.
The opportunity is being taken to focus the business on those sectors that can deliver the best return, reflecting the changing cybersecurity landscape. A particular focus is on government projects, and during the year Semnet focused on building pipelines and undertaking a number of proof of concepts for government clients. These types of projects are typically longer and larger in scale than Semnet's private sector work.
Given the wider opportunities available to Semnet, GST, in conjunction with Semnet's minority shareholders, explored options for the future of the business. This culminated in the signing of a non-binding Memorandum of Understanding with Trident Global Capital Pte Ltd ("TGC"), outlining TGC's proposed role in guiding and assisting Semnet through strategic preparations for a potential listing on NASDAQ in the US. This was followed on 18 November 2025 by GST and TGC signing a legally binding Heads of Terms providing more detail concerning the assistance to be provided by TGC to the Company with regard to the potential listing, including, inter alia, TGC being responsible for the necessary transaction expenses of both parties. The parties also agreed that the proposed valuation ascribed to 100% of Semnet for the potential listing is US$54 million, of which GST's 67% ownership of Semnet would be valued at US$36 million subject to the potential listing being successfully completed.
Post period end on 18 July 2025, the Company announced that it had issued a notice of arbitration to Choo Seet EE and Zheng Kang Wen Mervyn (the "Sellers"), the sellers of Semnet as set out in the Sale and Purchase Agreement dated 5 December 2023, pursuant to which the Company acquired 66.66% of the issued share capital of Semnet (the "SPA"). The notice of arbitration has been sent in accordance with the provisions of the SPA and sets out that the Company considers that the Sellers have acted in breach of their non-compete under
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