Singapore’s GK Goh weighs US$300 mil boardroom sale

Singapore’s GK Goh weighs US$300 mil boardroom sale
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(Jan 20): Singaporean investment firm GK Goh Holdings Ltd is conducting a strategic review on Boardroom Ltd, which could lead to a potential sale of the corporate services provider.

GK Goh has appointed Credit Suisse Group AG as a financial adviser, as it evaluates various options for its shareholding in Boardroom, the company said in a filing Wednesday, confirming an earlier Bloomberg News report. Discussions are at an early stage and may not result in any transaction, GK Goh said.

The Singapore-listed firm is seeking to raise about US$300 million from a divestment of Boardroom, according to people familiar with the matter. The business has attracted preliminary interest from other industry players, said the people, who asked not to be identified as the information is private.

Shares of GK Goh rose 5.2% Wednesday in Singapore, the biggest gain since June 2020, before being halted pending the announcement. They are due to resume trading Thursday.

Boardroom, founded in 1968, provides corporate services including accounting, human resources, payroll and compliance work in Singapore, Malaysia, Hong Kong, China and Australia, according to its website. The company went public in Singapore in a S$13.7 million (US$10.3 million) initial public offering in 2000. It was then taken private by GK Goh in 2019.

GK Goh, started as a Singapore securities business in 1979, is now an investment firm with interests in areas including elderly care, property development and telecommunications, according to its website. GK Goh owns a 92% stake in Boardroom.