GS Holdings bucks market to rise on Catalist debut

GS Holdings’ executive chairman and CEO Pang Pok (left), with chief finance officer Kenneth Foo (right).
GS Holdings’ executive chairman and CEO Pang Pok (left), with chief finance officer Kenneth Foo (right).ST PHOTO: TAMARA CRAIU

SINGAPORE - GS Holdings shares rose on their debut on the Catalist board on Monday (Jan 18), bucking the broader market to trade up 4 per cent on its IPO price as at 11.12am this morning.

GS Holdings, which provides centralised dish-washing services, was trading at 26 cents, up one cent on its placement price of 25 cents.

It was the second company after Eindec Corporation to gain listing solely via a private placement of its shares, with no offering to retail investors, in the last week. Eindec closed higher on its Catalist debut last Friday, up 21.4 per cent on its placement price.

GS Holdings' listing brings the total number of Catalist companies on the Singapore Exchange (SGX) to 174, with a combined market capitalisation of $10 billion.

Mr Pang Pok, executive chairman and chief executive officer of GS Holdings, said, "With the successful conclusion of our initial public offering, we will be well equipped to expand our operations and capitalise on the large market opportunities to enhance shareholder value."

GS Holdings currently has three central facilities located at 1 Senoko Avenue and Jurong East retail malls IMM and Big Box. They provide services to operators of food courts, coffee shops, restaurants, hawker centres, shopping malls and the Singapore General Hospital.

It is one of three service providers appointed by Spring Singapore for centralised or outsourced dishwashing under the Food and Beverage (F&B) Productivity and Capability Solutions scheme. That scheme is aimed at raising capability and productivity in the F&B sector.