Change of control18 Feb 2022 09:09
FCA Approval for the Change of Control of Angra Limited
GSTechnologies Limited (LSE: GST), the fintech and information technology solutions company, is pleased to announce that the Financial Conduct Authority ("FCA") has approved the change of control of Angra Limited ("Angra"), a UK-based foreign exchange and payment services company, allowing the Company's agreement to acquire the whole of the issued share capital of Angra, as announced on 5 October 2021 (the "Acquisition"), to complete.
As completion of the Acquisition was only conditional on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity, as announced on 1 November 2021, the Company will now proceed with customary completion mechanics in order to formally complete the Acquisition.
Angra, which operates under the AngraFX brand name, is an FCA approved Authorised Payment Institution ("API"), conducting fast, secure and low-cost foreign exchange business and payment services internationally. The completion of the Acquisition will enable GST to utilise Angra as the basis on which to build the UK arm of its planned blockchain-enabled neobanking business based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.