Semnet Update
- Feb 13
- 1 min read
GSTechnologies Ltd (LSE: GST), the fintech company, announces an update regarding the Company's 66.67% owned subsidiary Semnet Pte. Ltd ("Semnet").
As announced on 18 July 2025, the Company 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 ("SPA") dated 5 December 2023. As referenced in the Company's interim results announced on 18 December 2025, a mediation hearing was held in early December 2025 with a view to agreeing a formal settlement agreement between the Sellers and the Company. However, formal settlement terms have not been reached, and consequently, Semnet has now formally issued and served a writ of summons against the Sellers and Hoi Yan ('Daphane') Chong (a former Semnet manager) to vigorously pursue claims for alleged breaches of fiduciary and contractual duties, including breaches of the SPA, that have negatively impacted the Semnet business. The total damages sought are approximately US$4.2 million.
The GST Board remains committed to protecting the interests of shareholders and will announce further updates as appropriate.
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 Staton
+44 20 (0) 3934 6632
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