GS Holdings disposes stake in wholly-owned subsidiary for S$2m

CATALIST-LISTED GS Holdings has sold all of its 6.5 million shares in its wholly-owned subsidiary, GreatSolutions, to GSG Capital for S$2 million.

In a filing on Tuesday, GS Holdings said that while GreatSolutions - a dishwashing and cleaning services firm - had represented a"significant business segment" for GS Holdings in terms of revenue and asset contribution, the unit had been loss-making for the past three financial years. GS Holdings reported a net loss of approximately S$3.5 million in 2018 that was mainly attributable to GreatSolutions. The firm believes that its continued investment in GreatSolutions is"unlikely to reap any material benefits in the foreseeable future without significant additional capital investment".

The disposal of its stake in GreatSolutions will allow GS Holdings to focus on its food and beverage business and"re-strategise and re-allocate" its financial and capital resources, resulting in more working capital for the expansion of its new business. This may in turn result in higher value for its shareholders, said GS Holdings.The firm had, in the earlier part of 2019, diversified into the F&B scene which has shown"promising and positive" results.

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