The GSTechnologies Ltd (LON: GST) share price surged 33.6% after completing the acquisition of Angra Limited, which operates the AngraFX brand.
Angra is a foreign exchange and payment services company based in the UK and regulated by the UK’s Financial Conduct Authority (FCA).
Investors cheered the completion of the acquisition after the FCA approved the change of ownership at AngraFX and GSTechnologies completed all the outstanding issues regarding the takeover.
GSTechnologies was keen to acquire AngraFX to expand its fintech services in the UK, given that Angra is an FCA-approved Authorised Payment Institution (API).
The company offers fast, secure, and low-cost foreign exchange services to a global clientele while offering international payment services.
GST plans to use AgraFX as the foundation for its blockchain-based neobanking business in the UK and globally. The firm intends to launch borderless accounts, international money transfers, a private stablecoin.
Investors cheered the news, as evidenced by GST’s share price rally. However, GST stock ran into support at the 1.85p resistance level but was attempting to break above it at writing.
Tone Goh, GSTechnologies’ Chairman, commented: “We are very pleased to have completed the acquisition of Angra, and we look forward to working with their management and employees as we seek to rapidly progress our plans. As previously outlined, Angra will form a cornerstone for the development of our blockchain-enabled neobanking business, providing an established, appropriately-regulated base on which to build our planned UK business.”
“We are continuing to rapidly progress our overall fintech business plan, in conjunction with our collaboration partner, Wise MPay, and I look forward to providing further updates in due course.”
GST shares look attractive at current prices, but I would wait for a break above the 1.85p level before jumping in. However, if the stock pulls back to the previous support level, I would also buy on any solid bullish signals.
*This is not investment advice. Always do your due diligence before making investment decisions.
GSTechnlogies share price.
GSTechnologies share price surged 33.57% to trade at 1.87p, rising from Monday’s closing price of 1.40p.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading