GSTechnologies (GST ) has confirmed to investors that it has officially established a further Singapore-based wholly owned subsidiary, GS Fintech PTE. Ltd, ("GS Fintech Singapore").
GST expects the new subsidiary to facilitate its planned expansion into blockchain related technologies and services, together with the Company's recently established UK subsidiary.
The integrated information and communication technology infrastructure solutions provider said the creation of GS Fintech Singapore is aligned with its latest strategy to focus on disruptive technologies, in particular, expanding into areas utilising blockchain technology.
The move follows the Company’s recent investment from a group of investors led by Jack Bai and for Jack Bai and Shayne Tan who have now joined GST’s Board as Executive Directors. Both hold ‘significant fintech experience, particularly in relation to blockchain’.
Shares in GSTechnologies have increased by over twenty times from 0.14p at the beginning of January 2021 to 2.95p. The stock was trading 19.61% higher this morning at 3.05p.
As at 30 September 2020, the Company had $1,78m of cash and cash equivalents (30 September 2019: $0.0398m), after taking out a loan of US$1,842,000 during 1H20.
Despite seeing a 70% revenue decrease from $2.594m 1H19 to $0.769m in 1H20, the group said sales had picked up substantially post the period end, specifically during the last three months of 2020, as the worst effects of the COVID-19 pandemic reduced in Singapore.
The Company outlined in its 1H20 results that it intends to focus strategically on disruptive technologies applicable to the data centre sector with high scalability and significant profit margin prospects, including the application of blockchain technologies where appropriate.
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