Semnet Update
GSTechnologies Limited announced an update regarding its subsidiary Semnet Pte. Ltd., reporting that applications for a stay of proceedings filed by Semnet sellers and a former employee were dismissed by the Singapore Supreme Court on May 26, 2026, with Semnet awarded S$18,000 in costs. A deadline to appeal these decisions is set for June 9, 2026, and a further hearing is scheduled for June 4, 2026, to provide directions for the defense's case. The company's board remains committed to protecting shareholder interests.
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GSTechnologies Limited (LSE: GST), the fintech company, provides an update to the announcement of 13 February 2026 regarding the Company's 66.67% owned subsidiary Semnet Pte. Ltd ("Semnet").
On 26 May 2026, hearings were held before the Assistant Registrar in the Singapore Supreme Court.
At these hearings, applications for a stay of proceedings numbered SUM 1210 (filed by the Semnet sellers) and SUM 1211 (filed by Chong Hoi Yan- a former Semnet employee), were dismissed in their entirety. A costs order of S$18,000 was awarded to Semnet.
A deadline to file a notice of appeal against the above decisions is set for 9 June 2026. Furthermore, a hearing will be held on 4 June 2026 for the Court to give the defence a direction for their case.
The GST Board remains committed to protecting the interests of GST shareholders and will announce further updates as appropriate.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.