Notice of Arbitration on Semnet Pte. Ltd.

GSTechnologies Limited (LSE: GST), the fintech company, has issued a notice of arbitration to Choo Seet EE and Zheng Kang Wen Mervyn (the "Sellers"), the sellers of Semnet Pte. Ltd. ("Semnet") as set out in the Sale and Purchase Agreement dated 5 December 2023, pursuant to which the Company acquired 66.67% of the issued share capital of Semnet (as announced on 6 December 2023) (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-complete undertakings owed to the Company, and also acted in breach of their express obligations owned to Semnet as employees, which if the arbitration is resolved in the Company's favour, is expected to result in a recovery of profits for Semnet.

The Company intends to follow the arbitration process and cannot comment any further on these issues at this stage, as to do so may prejudice the Company's position in the arbitration. Any relevant announcements in this regard will be made at the appropriate time.

Enquiries:

The Company

Tone Goh, Executive Chairman

+65 6444 2988

Financial Adviser

First Sentinel Corporate Finance

+44 (0)20 3855 5551  

Brian Stockbridge / Gabrielle Cordeiro

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630