Druces’ Corporate and Capital Markets team has advised GSTechnologies Ltd (“GST”), in connection with an agreement to sell its subsidiary, EMS Wiring Systems Pte. Ltd (“EMS”), to EMS Chairman, Raphael Teo (“RT”).
The binding agreement, dated 17th July, will see GST dispose of EMS in its entirety, in consideration for the return of the 60m GST shares, currently held by RT.
The sale is in line with GST’s stated strategy: renewing its focus on its core blockchain and neobanking business while, at the same time, effecting a disposal of the non-core EMS business (which operates in the infrastructure development sector in Singapore). When the transaction completes, fintech will be GST’s sole focus.
Druces’ team, working on this transaction, included Neil Pfister and Jack Dervyn and, commenting on the transaction, Tone Goh, Chairman of GST, observed:
“The disposal of EMS represents a key part of the realisation of our strategy to concentrate on blockchain enabled, neobanking activities, giving us the clearest possible focus on fintech, going forwards. As always, it has been a pleasure to work with Druces; the team there has been a great partner to GST during our ongoing growth story.”
Druces’ partner, Neil Pfister, commented:
We are delighted to have been able to work with Tone Goh and his colleagues at GST again, especially as the business takes this important strategic step. We look forward to their future success.
For further information on the transaction: Disposal of EMS Wiring Systems | London Stock Exchange