GS Holdings (SGX:43A
) announced that it has entered into a conditional share sale and purchase agreement to sell all its shares in its wholly owned subsidiary Hawkerway to Wei Global for a net cash consideration of $650,000.
Hawkerway is the holding company of Hao Kou Wei, Rasa Sayang Village, Sing Swee Kee, Hao Kou Wei Food Group, and Raffles Coffee.
Hawkerway and these subsidiaries operate various food courts, food centres and is involved in developing and managing new and existing food and beverage brands, concepts and franchise.
Upon completion of the disposal, GS Holdings will focus on the F&B distribution business currently undertaken by Octopus Distribution Networks (ODN) that was acquired back in May 2025.
Concurrently, GS Holdings is proposing to change its name to “Octopus (APAC) Holdings”, to better reflect the profile and business activities going forward.
“With a growing portfolio of premium global brands and a clear focus on execution, we are well positioned to create long-term value by connecting brand owners to high-quality routes-to-market across Singapore and beyond,” says Paul Hopkins, CEO of GS Holdings.
See also: APAC Realty’s wholly-owned subsidiary embroiled in lawsuit over alleged negligent misrepresentation
Assuming the disposal was completed on Jan 1, 2024, pro forma loss attributable to shareholders for FY2024 would have been reduced from $2.4 million to $0.7 million.
Accordingly, the pro forma loss per share would have been reduced from 0.66 cents to 0.19 cents.
Both the disposal and proposed name change will be subject to approval by shareholders at an extraordinary general meeting to be convened.
Shares in GS Holdings closed 0.2 cent higher or 3.12% up at 6.6 cents on Feb 4.
