GK Goh dismisses report in Australian Financial Review

SINGAPORE - GK Goh Holdings on Friday (July 7) dismissed a report just published in the Australian Financial Review (ARR) that said the firm was rethinking its investment in an Australian residential aged care operator.

The company said in a filing with the Singapore Exchange that there was no truth to the report that said "GK Goh Holdings is considering cashing in its chips at local residential aged care operator, Opal Aged Care" and had "started talking to parties that may be interested in taking a stake" in Opal.

GK Goh holds a 47.6 per cent stake in Opal via a wholly owned subsidiary, Allium Holdings. AMP Life owns also a 47.6 per cent interest in Opal, with Opal's management team holding the balance.

GK Goh added that it "remains committed to its partnership with AMP Life which continues to underpin Opal's expected growth over the medium to long term". "We believe that Opal is well positioned as one of the largest, most progressive and fastest-growing operators of residential aged care in Australia."

GK Goh paid A$136.7 million (S$143.3 million) four years ago for its share in Domain Principal Group, as Opal was then known.