Now, could Singapore see the rise of a new giant alcohol distributor?
GS Holdings, recently renamed Octopus (Apac) Holdings, was first listed in January 2016 at 25 cents, with its main business being the provision of commercial dishwashing and cleaning services to the local food and beverage industry. The company was headed by Pang Pok, who is the brother of Pang Lim, the notable founder of the foodcourt chain Koufu.
For a few years, both brothers’ companies were trading on the Singapore Exchange. Koufu, listed in 2018 to raise funds to build an integrated operations hub, is one of the leading foodcourt operators in town, while GS Holdings was one of the three service providers appointed by Spring Singapore for centralised or outsourced dishwashing under the F&B Productivity and Capability Solutions scheme. The scheme aims to raise capability and productivity in the F&B sector.
In just March 2022, amid scant overall trading interest in the local market, Koufu was privatised by Pang Lim. GS Holdings, on the other hand, remains listed but has struggled to gain a strong foothold in its operations and subsequently disposed of its dishwashing business in July 2020.
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Following the disposal of the dishwashing business, GS Holdings was fully focused on the F&B business, where it operates numerous food courts and food centres through its wholly owned subsidiary, Hawkerway.
However, with tight margins in the F&B industry and intense competition, GS Holdings incurred substantial losses, ranging from $2.5 million to over $18.7 million, over the past few financial years.
Naturally, as a result of these failed ventures, the share price has been under immense pressure, declining by more than 85% over the past five years and currently trading around the six-cent level.
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Strings of acquisitions and appointments
With mounting losses, GS Holdings attracted new investors through a series of corporate restructurings to turn the company around. First, it conducted a rights issue in October 2024 to recapitalise its balance sheet, raising net proceeds of approximately $8.4 million.
Following this, the company completed the acquisition of regional alcohol distributor Octopus Distribution Network (ODN) last May for $11.8 million. The consideration comprised $5.5 million in cash and $6.3 million in new shares at 3.79 cents each. The number of new shares issued was equivalent to 16% of the enlarged share base.
Last October, the company appointed Paul Hopkins, who has more than 35 years of experience in the global beverage industry, as CEO. Mark Neal Barnard, a veteran of the global corporate, consulting, and beverage business, was appointed as an independent director in November 2025.
Riding the wave of the announcement, the company announced the acquisition of Dyspatchr for $1.52 million. According to the Nov 3, 2025 press release, privately held Dyspatchr is a fast-growing distributor of beer, wine and spirits to leading hotels, bars, restaurants and retailers in Singapore.
With these F&B distribution developments all in place, the company announced the exit of its legacy business, its wholly owned subsidiary Hawkerway, which was sold to Wei Global, another privately held entity, for net cash consideration of $650,000 in February.
Apart from the disposal, GS Holdings has been renamed Octopus (Apac) Holdings to reflect its current strategic direction and business activities.
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In a recent interview with The Edge Singapore, ODN’s founder and chairman, Elaine Teh, shares that, with the disposal of the loss-making businesses, the company can refocus its resources on its fast-growing F&B distribution business.
Immediately after the acquisition of ODN, Teh holds a stake of around 16% in the company, which has since increased to 23.7% via a married deal with Eliza Investment on April 21. This makes Teh the single largest controlling shareholder of Octopus.
Eliza Investment first emerged as a substantial shareholder in January 2024, when GS Holdings entered into a $1 million convertible loan agreement with Eliza Investment.
Following the married deal on April 21, Eliza Investments’ stake in Octopus was reduced to 9.92%. Other substantial shareholders in Octopus include founder Pang Pok and his spouse, who together hold a nearly 14% stake, and ZTS Holdings, which holds a 16.7% stake.
On Jan 19, the company announced it won the exclusive rights to distribute seven types of Tsingtao beer in Singapore. Under the terms of this agreement, Octopus will distribute the products through off-trade channels, including supermarkets, convenience stores, and other retailers, for a period of two years.
Just two months later, on March 12, ODN announced another significant distribution deal: it had been appointed by Champagnes & Chateaux Export (C&C Export) to exclusively distribute a distinguished range of Thiénot-branded champagnes on an agency basis. Teh says there will be more such deals, but she declines to be more specific for now.
She believes that Octopus has more to explore in the F&B distribution industry, given that consumers love to try new products and variety. “We are a distributor for many big and global brands and we are also looking to bring in the smaller brands as well to cater to our end users. For these smaller brands, we could potentially look at buying it over or collaborating with them,” Teh adds.
Right now, ODN distributes other brands such as Carlsberg, San Miguel, Paulaner, as well as local brands Lion Brewery and craft beer Trouble Brewing.
Osborne partnership
On April 13, Octopus announced that it had been appointed by Spain-based Grupo Osborne (Osborne) as its principal distributor in Singapore under a five-year mandate. Apart from the mandate, Osborne has made a $5 million investment in Octopus by taking up new shares at 6.8 cents, representing a 13.33% premium to the April 9 closing price of six cents.
This translates to a 6.4% stake in Octopus for Osborne. Osborne, a family-owned business now led by the sixth generation, reported net sales of EUR251 million and net profit of EUR16.1 million in 2024.
“I met the Osborne family and CEO, Fernando Terry Osborne. He is a friendly guy and we clicked straight away. We know their vision and requirements and the Osborne family are looking forward to this partnership,” Teh says.
Founded in 1772, Osborne is a global F&B group with a portfolio of premium brands and a presence in over 70 countries, supported by production facilities across Spain.
It owns and manages more than 30 brands across wines, spirits and gourmet products, including global labels such as Carlos I brandy, Nordés gin, Cinco Jotas ham and Bodegas Montecillo wines.
Under the five-year agreement, renewable for successive three-year periods, Octopus will manage Osborne’s distribution value chain in Singapore. This includes distribution across retail, on-trade and e-commerce channels, alongside marketing, trade execution and brand positioning.
When asked about the terms for renewal over successive three-year periods, Teh did not provide many details, only saying that it is naturally tied to the progress of expansion in Southeast Asia.
On potential opportunities to leverage Osborne’s network in Europe, Teh adds that while there is no restriction on tapping into their network, she prefers to stay focused on the company’s role: building and expanding its distribution network here in Singapore and across Southeast Asia.
Expansion and fundraising plans
Following a series of acquisitions and fundraisings, the company is not resting on its laurels and will seek more opportunities along the way, especially in fundraising, says Ng Wai Jif, CFO of Octopus.
“We are not forbidding anything for the time being. Ultimately, we periodically review potential targets. You can look at our track record from two years ago, where we went through a series of fund raisings such as convertible loans, private placement and rights issues,” Ng adds.
He sees these as part of the company’s strategic planning to further expand into the alcohol distribution space. “We are not saying no to anything, but if the opportunity arises and there is a need for such fundraising, why not?” he adds.
Ng follows up, noting that given the recent name change at the company, its focus is not just on Singapore but also on expansion across the Asia Pacific region. “Whether it is through M&A or expanding our distribution network, these are the areas that we are potentially looking at and really growing ourselves out of Singapore,” Ng explains.
Regarding funding options for acquisitions, Ng admits there is no perfect match or mix for Octopus. “We will review our financing options holistically and we are not fixated on using just cash or conducting a placement. We want to make sure that it is on an optimal level,” Ng explains.
Teh believes that with ODN now on board, this flagship vehicle will help the company expand its alcohol distribution business. “Of course, we will continue to be in Singapore as we view it as one of our key markets. But now with the Osborne partnership, our role has grown to build products for the Asian palate,” Teh concludes.
