ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Jan 03, 2022 16:40 JST
Source:
GS Holdings Limited
GS Holdings to Accelerate Business Expansion in Asia with New F&B Brands and Franchises
- Establishment of a new subsidiary to promote and sell food originating from the People's Republic of China and Singapore
- Letter of Intent with an aim to establish 10 Chinese F&B brands and 10 Singapore F&B brands and to develop a franchising model targeted at Asian countries
Singapore, Jan 03, 2022 - (ACN Newswire) - GS Holdings Limited ("GS Holdings" or the "Company" and together with its subsidiaries, the "Group"), is pleased to announce that its indirect wholly-owned subsidiary, Hao Kou Wei Pte. Ltd. ("HKW"), has set up a new subsidiary, Sing Zhong Brands Management Pte. Ltd. ("Sing Zhong Brands Management"), to manage and operate restaurants and food outlets in coffee shop and food court and also to develop, franchise and manage food and beverage ("F&B") brands with a primary focus to facilitate its plans to promote and sell food originating from the People's Republic of China and Singapore.
In addition, Sing Zhong Brand Management has entered into a Letter of Intent with Action Culture Pte. Ltd. ("Action Culture") with the aim of establishing 10 Chinese F&B brands and 10 Singapore F&B brands, which will be sold as franchise in Asian countries.
With Action Culture's strong experience and knowledge of the culture and food consumption patterns in both China and Singapore, Action Culture will be responsible for identifying and designing the 10 Chinese F&B brands and concepts as well as sourcing for interested franchisees or investors.
All 20 F&B brands developed will be owned and registered as the intellectual properties of Sing Zhong Brands Management.
Furthermore, by leveraging on Action Culture's understanding of both countries' market cultures and its expertise and experience in social media, marketing and content creation, there is good potential for the F&B brands to gain popularity and recognition.
In addition, the Group believes that in executing its plans pursuant to the Letter of Intent, it would be able to contribute towards assisting individuals in realising their aspirations to become entrepreneurs by way of franchise while creating job opportunities in the community.
Under the Letter of Intent, the fees payable to Action Culture will be via the issuance of new shares in the Company based on certain performance targets agreed upon. A definitive agreement will be entered into by the parties after all the other terms for the transaction with Action Culture have been finalised.
Mr. Pang Pok, Chief Executive Officer and Executive Director of the Company, said, "We aim to broadly expand our business presence across high-growth end markets within Asia with new F&B brands, concepts and franchises.
By leveraging on Action Culture's strengths, there are strong opportunities to drive new growth, while diversifying our revenue base and generating new cashflows.
With aligned interests via a performance-based structure for this business collaboration, we look forward to accelerate our business plans to create new and highly compelling value propositions in Asia's F&B industry."
The incorporation of the new subsidiary and the Letter of Intent are not expected to have any material financial impact on the consolidated earnings per share and consolidated net tangible assets per share of the Company and its subsidiaries for the current financial year ending 31 December 2021.
About GS Holdings Limited
(Bloomberg Code: GSHL:SP / Reuters Code: GSHO.SI / SGX Code: 43A)
With an aim to diversify its business model and create additional streams of income, GS Holdings Limited ("GS Holdings") has expanded into various business ventures in the food and beverage ("F&B") industry.
To harness its growth opportunities, GS Holding is looking to further expand its brand presence across Asia and beyond via new franchising, licensing and distribution models.
This press release has been prepared by GS Holdings Limited (the "Company") and its contents
have been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited
("SGX-ST") Listing Manual Section B: Rules of Catalist.
This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01- 01, Singapore 229957, telephone (65) 6590 6881.
Note: This press release is to be read in conjunction with the SGX announcement released on the same date.
Media & Investor Contacts:
Issued on behalf of GS Holdings Limited by 8PR Asia Pte Ltd.
Mr. Alex TAN
Mobile: +65 9451 5252
Email:
alex.tan@8prasia.com
Source: GS Holdings Limited
Sectors: Retail & eCommerce, Food & Beverage, Local Biz
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
Mitsubishi Heavy Industries Continues Order Intake, Revenue, and Profit Growth in Strong First Half, Raises Full-Year Order Intake Guidance
Nov 05, 2024 14:37 JST
Eisai's Corporate Venture Capital Subsidiary, Eisai Innovation, Inc., Selected for AMED's 'Strengthening Program for Pharmaceutical Startup Ecosystem"
Nov 05, 2024 11:35 JST
Asahi Kasei and Honda Sign Shareholders' Agreement to Convert Existing Asahi Kasei Subsidiary into Joint Venture for Production of Lithium-ion Battery Separators in Canada
Nov 04, 2024 14:12 JST
Joby Aviation and Toyota Accelerate Efforts to Realize Air Mobility
Nov 04, 2024 09:36 JST
Eisai Completes Rolling Submission to US FDA for LEQEMBI(R) (lecanemab-irmb) Biologics License Application for Subcutaneous Maintenance Dosing for the Treatment of Early Alzheimer's Disease Under the Fast Track Status
Nov 01, 2024 13:56 JST
All-New Triton Wins Golden Award at VMARK Vietnam Design Awards 2024
Nov 01, 2024 12:43 JST
Fujitsu's groundbreaking computing technology for accelerating scientific computing wins Japan Patent Office Commissioner's Award
Nov 01, 2024 12:24 JST
Fujitsu and AMD to begin strategic partnership to develop more sustainable computing infrastructure intended to accelerate open-source AI initiatives
Nov 01, 2024 10:45 JST
Mazda Launches Redesigned Corporate Website
Oct 31, 2024 17:06 JST
NTT and Toyota Motor Corporation agree to joint initiative in the field of mobility and AI/telecommunications with the aim of realizing a society with zero traffic accidents
Oct 31, 2024 16:34 JST
All-New Triton Wins Golden Award at VMARK Vietnam Design Awards 2024
Oct 31, 2024 16:08 JST
Eisai Presents Data on Benefits of Long-Term Administration of Dual-Acting Lecanemab at the 17th Clinical Trials for Alzheimer's Disease (CTAD) Conference
Oct 31, 2024 13:56 JST
Eisai Presents Latest Clinical Findings Suggesting Inhibition of Tau Propagation by Anti-MTBR Tau Antibody E2814 at the 17th Clinical Trials on Alzheimer's Disease Conference (CTAD)
Oct 31, 2024 11:33 JST
Mazda Production and Sales Results for September 2024 and for April through September 2024
Oct 30, 2024 17:09 JST
Suzuki and Toyota to Deepen Collaboration in the Field of Electrified Vehicles
Oct 30, 2024 16:14 JST
Fujitsu and Morinaga Milk Industry jointly develop a simulation system for raw material price fluctuations, speeding up decision-making
Oct 30, 2024 13:43 JST
DOCOMO to Participate in Virtual Expo at Expo 2025 Osaka, Kansai, Japan
Oct 30, 2024 12:47 JST
ULVAC Launches Technology Center PYEONGTAEK for Next-Gen Semiconductor Manufacturing Equipment in South Korea
Oct 30, 2024 11:00 JST
Fujitsu and Linius partner to unlock the power of video worldwide
Oct 29, 2024 19:53 JST
DENSO and U.S. Startup Quadric Sign Development License Agreement for AI Semiconductor (NPU)
Oct 29, 2024 13:03 JST
More Latest Release >>